Gold Futures Weekly Trend Momentum Is Bullish

GOLD

WEEKLY MOVING AVERAGES

The June gold futures contract closed at 1204. The market closing above the 9 day MA 1194, is confirmation that the weekly trend momentum is bullish. A close below the 9 day MA would negate the weekly bullish short-term trend to neutral.

WEEKLY MOMENTUM INDICATOR

With the market closing at the VC Weekly Price Momentum Indicator of 1206, it confirms that the price momentum is bearish. A close above the VC Weekly, it would trigger weekly stops and negate the bearish signal to neutral.

WEEKLY PRICE INDICATOR

Look to take profits on shorts into corrections at the Buy 1 and 2 levels of 1202 – 1.200, and go long on a weekly reversal stop. If long, use the 1200 level as a Stop Close Only and Good Till Cancelled order. Look to take profits on longs as we reach the Sell 1 and 2 levels of 1207 – 1211 during the week.

SILVER

WEEKLY MOVING AVERAGES

The May silver futures contract closed at 16.27. The market closing below the 9 day MA 16.44, is confirmation that the weekly trend momentum is bearish. A close above the 9 day MA would negate the weekly bearish short-term trend to neutral.

WEEKLY MOMENTUM INDICATOR

With the market closing below the VC Weekly Price Momentum Indicator of 16.36, it confirms that the price momentum is bearish. A close above the VC Weekly, it would trigger weekly stops and negate the bearish signal to neutral.

WEEKLY PRICE INDICATOR

Look to take profits on shorts into corrections at the Buy 1 and 2 levels of 16.18 – 16.08, and go long on a weekly reversal stop. If long, use the 16.08 level as a Stop Close Only and Good Till Cancelled order. Look to take profits on longs as we reach the Sell 1 and 2 levels of 16.45 – 16.64 during the week.

The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed herein constitutes a solicitation of the purchase or sale of any futures or options contracts.