:::: NY Gold Nearest Futures Summary Analysis By: Marty Armstrong | June 2, 2018
Analysis for the Week of June 04, 2018
OUR ANALYTICAL OPINION AS OF THE CLOSE OF Fri. Jun. 1, 2018: NY Gold Nearest Futures closing today of 129930 so far is trading down about 0.76% for the year from last year's closing of 130930. Thus far, we have been trading down for the past day, following the high established Thu. May. 31, 2018. Utilizing our Reversal System, our next Weekly Bullish Reversal to watch stands at 133770 while the Weekly Bearish Reversal lies at 127760. This provides a 4.49% trading range. Turning to the broader Monthly level, the current Bullish Reversal stands at 130990 while the Bearish Reversal lies at 126270. This, of course, gives us a broader trading range of a 3.60%.
The last event was a low established during 2016.
A possible change in trend appears due come July in NY Gold Nearest Futures so be focused. Last month produced a low at 128120 and so far, we are trading neutral within last month's trading range of 132630 to 128120. We need to breakout of this range to confirm the direction. Therefore, a close above will be bullish and a close below will warn of a possible decline.
Viewing the near-term level, the market has closed up 25.2% from the last cycle low established during 2015, which has been only a 2 year rally from that event. Flipping to the long-term perspective, the market has still closed on the Yearly level up 417.5% from the strategic low established during 1999, which has been a 18 year rally from that key event.
Viewing the near-term level, the market has closed down 4.95% from the last cycle high established during 2016, which has been only a 1 year decline. Flipping to the long-term perspective, the market has closed on the Yearly level down 31.9% from the strategic high established during 2011, which has been a 6 year move.
Our Daily level momentum is bullish while the trend indicator is bearish providing a mixed short-term posture for the market. Turning to the broader picture, our long-term trend is neutral while the cyclical strength indicator is bearish providing a mixed perspective of the market beyond the short-term.
On the weekly level, the last important high was established the week of April 9th at 136940, which was up 17 weeks from the low made back during the week of December 11th. We have been generally trading up for the past week from the low of the week of May 21st, which has been a move of.0231 percent.
At this moment, this market is in a downward trend on all our indicators looking at the weekly level. Directing our attention to the direction of this trend, we have been moving down for the past 7 weeks. The last high on the weekly level was 136940, which was created during the week of April 9th. The last weekly level low was 128120, which formed during the week of May 21st, and only a break of 128120 on a closing basis would signal serious correction ahead. However, we still remain below key support and key resistance now stands at 130660 above the market.
Critical support still underlies this market at 126270 and a break of that level on a monthly closing basis would warn of a sustainable decline ahead becomes possible. Taking a broader view, this market is in a downward trend on all our indicators looking at the monthly level. We can see this market has been down for the past month. The last high on the monthly level was 136940, which was created during April. The last monthly level low was 104540, which formed during December 2015. That is critical technical support and a breach of that low would warn of the potential shift in near-term trend. However, we still remain above key support 130460 on a closing basis.
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