Gold
Weekly Moving Averages
The June gold futures contract closed at 1316. The market closing above the 9 day MA (1287) is confirmation that the trend momentum is bullish. A close below the 9 day MA would negate the weekly bullish short-term trend to neutral.
VC Code Weekly Momentum Indicator
With the market closing below the The VC Weekly Price Momentum Indicator of 1319, it confirms that the price momentum is bearish. A close below the VC Weekly, it would negate the bearish signal to neutral.
VC Code Weekly Price Indicator
Cover short on corrections at the 1312 – 1309 levels and go long on a weekly reversal stop. If long, use the 1309 level as a Stop Close Only and Good Till Cancelled order. Look to take some profits on longs, as we reach the 1323 – 1.331 levels during the week.
Silver
Weekly Moving Averages
The July Silver futures contract closed at 20.91. The market above the 9 day MA (19.64) is confirmation that the trend momentum is bullish. A close below the 9 day MA would negate the weekly bullish short-term trend to neutral.
VC Code Weekly Momentum Indicator
With the market closing below The VC Weekly Price Momentum Indicator of 20.94, it confirms that the price momentum is bearish. A close above the VC Weekly, it would negate the bearish signal to neutral.
VC Code Weekly Price Indicator
Cover short on corrections at the 20.67 – 20.44 levels and go long on a weekly reversal stop. If long, use the 20.44 level as a Stop Close Only and Good Till Cancelled order. Look to take some profits on longs, as we reach the 21.17 – 21.43 levels during the week.
Russell 2000
Weekly Moving Averages
The contract closed at 1.190. The market closing above the 9 day MA (1.146) is confirmation that the trend momentum is bullish. A close below the 9 MA would negate the weekly bullish short-term trend to neutral.
VC CODE WEEKLY MOMENTUM PRICE INDICATOR
With the market closing above The VC Weekly Price Momentum Indicator of 1.184 it confirms that the price momentum is bullish. A close below the VC Weekly, it would negate the bullish signal to neutral.
VC Code Weekly Price Indicator
Cover short on corrections at the 1.175 – 1.159 levels and go long on a weekly reversal stop. If long, use the 1.159 level as a Stop Close Only and Good Till Cancelled order. Look to take some profits on longs, as we reach the 1.199 – 1.209 levels during the week.
UCO
Weekly Moving Averages
The contract closed at 39.43. The market closing above the 9 day MA (37.08) is confirmation that the trend momentum is bullish. A close below the 9 MA would negate the weekly bullish short-term trend to neutral.
VC CODE WEEKLY MOMENTUM PRICE INDICATOR
With the market closing below The VC Weekly Price Momentum Indicator of 39.57 it confirms that the price momentum is bearish. A close above the VC Weekly, it would negate the bearish signal to neutral.
VC Code Weekly Price Indicator
Cover short on corrections at the 39.75 – 38.06 levels and go long on a weekly reversal stop. If long, use the 38.06 level as a Stop Close Only and Good Till Cancelled order. Look to take some profits on longs, as we reach the 40.26 – 41.08 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.
Disclaimer: 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.