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Replies to post #40242 on GOLDBUGS AMEX Goldbugs Index (GOLD)
12/13/20 10:15 AM
NY Gold Nearest Futures closed today at 184360 and is trading up about 21% for the year from last year's settlement of 152310. This price action here in December is reflecting that this has been still a bearish reactionary trend on the monthly level.
The NY Gold Nearest Futures has continued to make new historical highs over the course of the rally from 2015 moving into 2020. 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 30th.
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 185270 and support forming below at 183690. The market is trading closer to the support level at this time.
On the weekly level, the last important low was established the week of November 30th at 176720, which was down 18 weeks from the high made back during the week of August 3rd. We have been generally trading up for the past week from the low of the week of November 30th, which has been a move of .0607%.
Interestingly, the NY Copper Nearest Futures has been in a bullish phase for the past 8 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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