Precious Metals Futures

COMEX Gold:

Gold trading is weaker in ACCESS trade this morning reversing the firmer tone seen during the prior session. Trend indicators are indicating a bullish market and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also in bullish territory.

TREND INDICATORS:

Simple Moving Average (10-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 10-Day simple moving average has a strong 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 rising, while the long term trend, based on a 50-Day moving average, is up. As the ADX is rising it indicates that the current trend is strong and should remain intact. Look for the current trend to continue.

MOMENTUM INDICATORS:
MACD: The MACD is in bullish territory.

RSI: The 14-Day RSI is in neutral territory. (RSI is at 70.44). 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 70.44 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 increasing, as evidenced by a larger distance between the upper and lower bands over the past few sessions. Despite this overbought condition the market may become more overbought before turning lower. As a result, the market will look for additional weakening in prices before turning bearish on this indicator.

RESISTANCE AND SUPPORT LEVELS:

872.90 - Highest High in last 50-Days
872.90 - Highest High in last 10-Days
870.20 - High
865.82 - 20-Day Simple Moving Average Plus 2 Standard Deviations
865.70 - Last Price
865.00 - Low
864.93 - 3-Day Simple Moving Average
843.98 - 20-Day Simple Moving Average Plus 1 Standard Deviation
837.19 - 10-Day Simple Moving Average
817.60 - 25-Day Simple Moving Average
811.70 - 50-Day Simple Moving Average
800.29 - 20-Day Simple Moving Average Minus 1 Standard Deviation
797.20 - Lowest Low in last 10-Days
778.45 - 20-Day Simple Moving Average Minus 2 Standard Deviations
766.31 - 100-Day Simple Moving Average
765.50 - Lowest Low in last 50-Days
719.15 - 200-Day Simple Moving Average

COMEX Silver:

Silver futures are weaker this morning reversing the firmer tone seen during the prior session. Trend indicators are indicating a bullish market and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also in bullish territory. However, the market just signaled a bearish key reversal off a 10-Day new high, indicating potential weakness to come.

TREND INDICATORS:

Simple Moving Average (10-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 10-Day simple moving average has a strong 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 rising, while the long term trend, based on a 50-Day moving average, is up. As the ADX is rising it indicates that the current trend is strong and should remain intact. Look for the current trend to continue.

MOMENTUM INDICATORS:
MACD: The MACD is in bullish territory. However, the market just signaled a bearish key reversal off a 10-Day new high, indicating potential weakness to come.

RSI: The 14-Day RSI is in neutral territory. (RSI is at 66.83). 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 66.83 the market is somewhat overbought suggesting a possible market decline. Further, a bearish key reversal off a 10-Day new high here makes a downturn in the market even more likely

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 increasing, as evidenced by a larger distance between the upper and lower bands over the past few sessions. Despite this overbought condition the market may become more overbought before turning lower. As a result, the market will look for additional weakening in prices before turning bearish on this indicator.

RESISTANCE AND SUPPORT LEVELS:

16.275 - Highest High in last 50-Days
15.540 - High
15.540 - Highest High in last 10-Days
15.528 - 20-Day Simple Moving Average Plus 2 Standard Deviations
15.430 - Last Price
15.430 - Low
15.407 - 3-Day Simple Moving Average
15.100 - 20-Day Simple Moving Average Plus 1 Standard Deviation
14.918 - 10-Day Simple Moving Average
14.649 - 50-Day Simple Moving Average
14.607 - 25-Day Simple Moving Average
14.243 - 20-Day Simple Moving Average Minus 1 Standard Deviation
14.080 - Lowest Low in last 10-Days
13.815 - 20-Day Simple Moving Average Minus 2 Standard Deviations
13.812 - 100-Day Simple Moving Average
13.615 - Lowest Low in last 50-Days
13.540 - 200-Day Simple Moving Average

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