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NY Gold Nearest Futures - Turning BEARISH »» Weekly Summary Analysis
By: Marty Armstrong | November 21, 2020

NY Gold Nearest Futures closed today at 187240 and is trading up about 22% for the year from last year's settlement of 152310. Presently, 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 low breaking beneath the previous month's low reaching thus far 184800 yet it is trading below last month's close of 187990.

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 still remains in a broader bullish posture warranting a classification as a Bull Market. Nonetheless, the Weekly level on the indicating models shows inherent weakness with signs of overhead resistance at this point in time. However, the last reversal to be elected on the Weekly level was a Bearish the week of November 16th.

Focusing on our perspective using the indicating ranges on the Daily level in the NY Gold Nearest Futures, this market remains moderately bearish position at this time with the overhead resistance beginning at 187630 and support forming below at 187210. The market is trading closer to the support level at this time. An opening above this level in the next session will imply a decline is unfolding.

We have been generally trading down to sideways for the past week, which has been a very dramatic move of 5.905% in a stark panic type decline.

Looking at this from a broader perspective, this last rally into the week of November 9th reaching 196610 failed to exceed the previous high of 198380 made back during the week of September 14th. That rally amounted to only eight weeks. Right now, the market is neutral on our weekly Momentum Models warning we have overhead resistance forming and support in the general vacinity of 185920. Resistance is to be found starting at 189420.

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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