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NY Gold Futures »» Weekly Summary Analysis
By: Marty Armstrong | March 29, 2024

NY Gold Futures closed today at 22384 and is trading up about 8.04% for the year from last year's settlement of 20718. Up to now, this market has been rising for 2 years going into 2024 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 year's high reaching thus far 22569 while it is still trading above last year's high of 21523.

Up to now, we still have only a 2 month reaction decline from the high established during December 2023. We must exceed the 3 month mark in order to imply that a trend is developing.

MARKET OVERVIEW
NEAR-TERM OUTLOOK

The NY Gold Futures has continued to make new historical highs over the course of the rally from 2015 moving into 2024. However, this last portion of the rally has taken place over 9 years from the last important low formed during 2015. Clearly, we have elected four Bullish Reversals to date.

This market remains in a positive position on the weekly to yearly levels of our indicating models. Pay attention to the Monthly level for any serious change in long-term trend ahead.

Solely focusing on only the indicating ranges on the Daily level in the NY Gold Futures, this market remains in a bullish position at this time with the underlying support beginning at 22253.

On the weekly level, the last important high was established the week of March 18th at 22253, which was up 5 weeks from the low made back during the week of February 12th. So far, this week is has moved to the upside exceeding last week's high of 22253 reaching 22569. A closing above last week's high would be a technical signal that the advance is still in motion just yet. This makes the current rally 1 weeks to date. .

When we look deeply into the underlying tone of this immediate market, we see it is currently still in a semi neutral posture despite declining from the previous high at 22253 made 0 week ago. Still, this market is within our trading envelope which spans between 19857 and 21663. This market has made a new historical high this past week reaching 22253. We have exceeded that high suggesting the market is still pushing upwards.

Right now, the market is above momentum on our weekly models hinting this is still bullish for now as well as trend, long-term trend, and cyclical strength. Looking at this from a wider perspective, this market has been trading up for the past 5 weeks overall.

INTERMEDIATE-TERM OUTLOOK

Looking at the longer-term monthly level, we did see that the market made a high in December 2023 at 21523. After a thirteen month rally from the previous low of 19879, it made last high in December. Since this last high, the market has corrected for thirteen months. However, this market has held important support last month. So far here in March, this market has held above last month's low of 19964 reaching 20470.

Critical support still underlies this market at 19070 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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