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NY Gold Nearest Futures - Breaking to Downside »» Weekly Summary Analysis
By: Marty Armstrong | November 28, 2020

NY Gold Nearest Futures closed below our indicating ranges on the Daily level. It closed today at 178190 and is trading up about 16% 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 low breaking beneath the previous month's low reaching thus far 177070 while it even trading beneath last month's low of 185920.

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. Distinctly, 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 Bullish the week of November 23rd.

Looking at the indicating ranges on the Daily level in the NY Gold Nearest Futures, this market remains in a bearish position at this time with the overhead resistance beginning at 179710.

On the weekly level, the last important high was established the week of November 9th at 196610, which was up 30 weeks from the low made back during the week of April 20th. We have seen the market rally for the past week from the low of the week of November 23rd, which has been a move of .0556 percent. That notwithstanding, the market closed below the low of the week that made the high. This is normally a technical warning that this high may stand for right now.

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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