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Replies to post #40184 on GOLDBUGS AMEX Goldbugs Index (GOLD)
11/01/20 8:37 AM
NY Gold Nearest Futures closed today at 187990 and is trading up about 23% for the year from last year's settlement of 152310. At present, this market is currently trading below last month's close and it had been weak for the past 2 months and if the market continues to remain beneath the previous month's close of 189550, then it will be in a weak position just yet. 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. 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 Monthly to Yearly indicating models while the Weekly is still positive but showing signs of overhead resistance.
Looking at 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 188090 and support forming below at 185100. The market is trading closer to the resistance level at this time. An opening above this level in the next session will imply a bounce is unfolding.
On the weekly level, the last important low was established the week of September 21st at 185100, which was down 7 weeks from the high made back during the week of August 3rd. We have seen the market drop sharply for the past week penetrating the previous week's low and it closed beneath that low which was 189420. This was a very bearish technical indicator warning that we have a shift in the immediate trend. We are still trading neutral on the Weekly Momentum Indicators and this is a warning that initial support has been breached. This strongly implies we should pay close attention now to the Weekly Bearish Reversals. If we begin to elect Weekly Bearish Reversals, then we are dealing with a more sustainable near-term correction.
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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