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Replies to post #40141 on GOLDBUGS AMEX Goldbugs Index (GOLD)
10/03/20 10:33 AM
NY Gold Nearest Futures closed today at 190760 and is trading up about 25% for the year from last year's settlement of 152310. This price action here in October is reflecting that this is within the scope of a bearish reactionary move on the monthly level thus far.
The NY Gold Nearest Futures has continued to make new historical highs over the course of the rally from 2015 moving into 2020. Noticeably, 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 Monthly to Yearly indicating models while the Weekly is still positive but showing signs of overhead resistance.
Focusing on our perspective using the indicating ranges on the Daily level in the NY Gold Nearest Futures, this market remains moderately bullish currently with underlying support beginning at 190740 and overhead resistance forming above at 195560. 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.
On the weekly level, the last important high was established the week of August 3rd at 207800, which was up 15 weeks from the low made back during the week of April 20th. We have been generally trading up for the past week from the low of the week of September 21st, which has been a move of .0369%.
Interestingly, the NY Copper Nearest Futures has been in a bullish phase for the past 6 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. Immediately, the market is trading within last month's trading range in a neutral position.
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