GOLD
WEEKLY SUMMARY
TREND MOMENTUM: 1193 Bearish
PRICE MOMENTUM: 1193 Bearish
PRICE INDICATOR:
EXIT LONGS:
1) 1207
2) 1222
EXIT SHORTS:
- 1178
- 1164
WEEKLY MOVING AVERAGES
The June gold futures contract closed at 1191. The market closing below the 9 SMA 1198 is confirmation that the weekly trend momentum is bearish. A close above the 9 SMA 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 1193, it confirms that the price momentum is bearish. A close above the VC Weekly 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 1178 – 1164, and go long on a weekly reversal stop. If long, use the 1164 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 1222 during the week.
SILVER
WEEKLY SUMMARY
TREND MOMENTUM: 16.58 Bullish
PRICE MOMENTUM: 16.81 Bearish
PRICE INDICATOR:
EXIT LONGS:
1) 17.08
2) 17.45
EXIT SHORTS:
- 16.44
- 16.17
WEEKLY MOVING AVERAGES
The July silver futures contract closed at 16.71. The market closing above the 9 SMA 16.58 is confirmation that the weekly trend momentum is bullish. A close below the 9 SMA would negate the weekly bullish short-term trend to neutral.
WEEKLY MOMENTUM INDICATOR
With the market closing below the VC Weekly Price Momentum Indicator of 16.81, it confirms that the price momentum is bearish. A close above the VC Weekly 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 16.44 – 16.17, and go long on a weekly reversal stop. If long, use the 16.17 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 17.08 – 17.45 during the week.
Disclaimer: 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.