Gold
WEEKLY MOVING AVERAGES
The December gold futures contract closed at 1306. The market closing above the 50 day MA (1297) is confirmation that the weekly trend momentum is bullish. A close below the 50 day MA would negate the weekly bullish short-term trend to neutral.
WEEKLY MOMENTUM INDICATOR
With the market closing above the VC Weekly Price Momentum Indicator of 1307, 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 1292 – 1287 levels and go long on a weekly reversal stop. If long, use the 1287 level as a Stop Close Only and Good Till Cancelled order. Look to take some profits on longs, as we reach the 1321 – 1336 levels during the week.
Silver
WEEKLY MOVING AVERAGES
The September silver futures contract closed at 19.61. The market closing below the 50 day MA (20.64) is confirmation that the weekly trend momentum is bearish. A close above the 50 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 19.80, 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 19.38 – 19.15 levels and go long on a weekly reversal stop. If long, use the 19.15 level as a Stop Close Only and Good Till Cancelled order. Look to take some profits on longs, as we reach the 20.03 – 20.45 levels during the week.
Russell 2000
WEEKLY MOVING AVERAGES
The contract closed at 1.142. The market closing above the 50 day MA (1.135) is confirmation that the trend momentum is bullish. A close below the 50 MA would negate the weekly bullish short-term trend to neutral.
WEEKLY MOMENTUM PRICE INDICATOR
With the market closing above The VC Weekly Price Momentum Indicator of 1.141 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 1.130 – 1.118 levels and go long on a weekly reversal stop. If long, use the 1.118 level as a Stop Close Only and Good Till Cancelled order. Look to take some profits on longs, as we reach
UCO
WEEKLY MOVING AVERAGES
The contract closed at 32.52. The market closing below the 50 day MA (34.12) is confirmation that the trend momentum is bearish. A close above the 50 MA would negate the weekly bearish short-term trend to neutral.
WEEKLY MOMENTUM PRICE INDICATOR
With the market closing below The VC Weekly Price Momentum Indicator of 32.96 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 31.40 – 30.27 levels and go long on a weekly reversal stop. If long, use the 30.27 level as a Stop Close Only and Good Till Cancelled order. Look to take some profits on longs, as we reach the 34.09 – 35.65 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.