Precious Metals Futures

COMEX Gold:

Gold trading is higher in ACCESS trade this morning reversing the weaker tone seen during the prior session. Trend indicators are indicating a bullish market. However the overall strength of the trend, as indicated by the ADX, is weak and should be watched as a result. MACD also has issued a bearish signal, suggesting a reversal in the current trend.

COMEX Silver:

Silver futures are weaker this morning extending the prior sessions weaker close. Trend indicators are indicating a bullish market. However the overall strength of the trend, as indicated by the ADX, is weak and should be watched as a result. MACD also has issued a bearish signal, suggesting a reversal in the current trend.

TREND INDICATORS:

Simple Moving Average (10-Day): Recent activity this morning has seen prices cross below this moving average. However, despite prices trading below the moving average line, the moving average is in an upward slope from the previous session. If prices trade above the moving average then the trend will be clearly established as up. However, this weakness in the price will need to be watched. As a result the 10-Day simple moving average has a weak bullish bias.

Simple Moving Average (25-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving average has a strong bullish bias.

Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.

ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is falling, while the long term trend, based on a 50-Day moving average, is up. However, the weak ADX indicates that the current trend is deteriorating and may possibly reverse. Look for choppiness ahead.

MOMENTUM INDICATORS:
MACD: MACD has issued a bearish signal, suggesting a reversal of the current upward trend, based on the 50 day simple moving average. However, MACD tends to be better at picking bottoms than tops and the signal may be viewed with caution.

RSI: The 14-Day RSI is in neutral territory. (RSI is at 59.56). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 59.56 the market is somewhat overbought. However, this by itself isn't a strong enough indication to signal a trade. Look for additional evidence of weakness from this indicator before getting too bearish here.

VOLATILITY INDICATORS:

Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating overbought prices. Volatility also appears to be decreasing, as evidenced by a smaller distance between the upper and lower bands over the past few sessions. The market is overbought and appears to be weakening. Look for a potential top in this area.

RESISTANCE AND SUPPORT LEVELS:

17.345 - Highest High in last 50-Days
17.345 - Highest High in last 10-Days
17.117 - 20-Day Simple Moving Average Plus 2 Standard Deviations
16.785 - High
16.747 - 3-Day Simple Moving Average
16.744 - 20-Day Simple Moving Average Plus 1 Standard Deviation
16.634 - 10-Day Simple Moving Average
16.590 - Last Price
16.490 - Low
16.191 - 25-Day Simple Moving Average
15.998 - 20-Day Simple Moving Average Minus 1 Standard Deviation
15.765 - Lowest Low in last 10-Days
15.625 - 20-Day Simple Moving Average Minus 2 Standard Deviations
15.360 - 50-Day Simple Moving Average
14.712 - 100-Day Simple Moving Average
13.824 - 200-Day Simple Moving Average
13.740 - Lowest Low in last 50-Days

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