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NY Gold Nearest Futures - New Pattern Forming

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DiscoverGold   Sunday, 11/08/20 08:34:21 AM
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NY Gold Nearest Futures - New Pattern Forming »» Weekly Summary Analysis
By: Marty Armstrong | November 7, 2020

Quote:
NY Gold Nearest Futures closed above our indicating ranges on the Daily level. It closed today at 195170 and is trading up about 28% for the year from last year's settlement of 152310. As of now, this market has been rising for this month going into November reflecting that this has been only still a bullish reactionary trend. As we stand right now, this market has made a new high exceeding the previous month's high reaching thus far 196180 while it has not broken last mont's low so far of 185920. Nevertheless, this market is still trading above last month's high of 193940.

Up to now, we still have only a 1 month reaction rally from the low established during September. We must exceed the 3 month mark in order to imply a trend is developing.

The NY Gold Nearest Futures has continued to make new historical highs over the course of the rally from 2015 moving into 2020. Clearly, we have elected three Bullish Reversals to date.

This market is still what we classify as a Bull Market given its strong posture above our Quarterly to Yearly indicating models while the Weekly and monthly levels remain positive but showing signs of overhead resistance.

From a perspective using the indicating ranges on the Daily level in the NY Gold Nearest Futures, this market remains in a bullish position at this time with the underlying support beginning at 191790.

On the weekly level, the last important high was established the week of November 2nd at 196180, which was up 6 weeks from the low made back during the week of September 21st. So far, this week is trading within last week's range of 196180 to 187330. Nevertheless, the market is still trading upward more toward resistance than support. A closing beneath last week's low would be a technical signal for a correction to retest support.

The broader perspective, this current rally into the week of November 2nd reaching 196180 has exceeded the previous high of 193940 made back during the week of October 12th. Right now, the market is above momentum on our weekly models hinting this is still bullish for now as well as trend. Looking at this from a wider perspective, this market has been trading up for the past 6 weeks overall.

Interestingly, the NY Copper Nearest Futures has been in a bullish phase for the past 7 months since the low established back in March.

Critical support still underlies this market at 167590 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Nevertheless, the market is trading above last month's high showing some strength.



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