Gold
WEEKLY MOVING AVERAGES
The April gold futures contract closed at 1168. The market closing below the 9 day MA (1237) 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 1185, it confirms that the price momentum is bearish. A close above the VC Weekly, it would negate the bearish signal to neutral.
WEEKLY PRICE INDICATOR
Cover short on corrections at the 1146 – 1125 levels and go long on a weekly reversal stop. If long, use the 1125 level as a Stop Close Only and Good Till Cancelled order. Look to take some profits on longs, as we reach the 1206 – 1244 levels during the week.
Silver
WEEKLY MOVING AVERAGES
The May silver futures contract closed at 15.93. The market closing below the 9 day MA (16.98) is confirmation that the weekly trend momentum is berish. A close above the 9 day MA would negate the weekly bearish short-term trend to neutral.
WEEKLY MOMENTUM INDICATOR
With the market closing above the VC Weekly Price Momentum Indicator of 16.15, it confirms that the price momentum is bullish. A close below the VC Weekly, it would negate the bullish signal to neutral.
WEEKLY PRICE INDICATOR
Cover short on corrections at the 15.51 – 15.10 levels and go long on a weekly reversal stop. If long, use the 15.77 level as a Stop Close Only and Good Till Cancelled order. Look to take some profits on longs, as we reach the 16.56 – 17.20 levels 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.
Trading Derivatives, Financial Instruments And Precious Metals Involves Significant Risk Of Loss And Is Not Suitable For Everyone. Past Performance Is Not Necessarily Indicative Of Future Results.