Precious Metals

COMEX Gold:

Gold trading is higher in ACCESS trade this morning extending the prior sessions gains. 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. Also, the market just made a 50-Day new high here, indicating further strength. Look for more new highs.

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. Also, the market just made a 50-Day new high here, indicating further strength. Look for more new highs.

RSI: The 14-Day RSI is in neutral territory. (RSI is at 69.84). 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 69.84 the market is somewhat overbought, but given the 50-Day new high here, greater overbought levels are 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. Despite this overbought condition the market may become more overbought before turning lower. Also, given that we posted a 50-Day new high, the chance for further bullish momentum is higher. As a result, the market will look for additional weakening in prices before turning bearish on this indicator.

RESISTANCE AND SUPPORT LEVELS:

927.80 - High
927.80 - Highest High in last 50-Days
927.80 - Highest High in last 10-Days
926.53 - 20-Day Simple Moving Average Plus 2 Standard Deviations
924.40 - Last Price
917.07 - 3-Day Simple Moving Average
917.00 - Low
905.71 - 20-Day Simple Moving Average Plus 1 Standard Deviation
894.64 - 10-Day Simple Moving Average
873.35 - 25-Day Simple Moving Average
864.08 - 20-Day Simple Moving Average Minus 1 Standard Deviation
855.00 - Lowest Low in last 10-Days
843.26 - 20-Day Simple Moving Average Minus 2 Standard Deviations
839.30 - 50-Day Simple Moving Average
800.77 - 100-Day Simple Moving Average
773.40 - Lowest Low in last 50-Days
736.40 - 200-Day Simple Moving Average

COMEX Silver:

Silver futures are higher this morning extending the prior sessions gains. 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. However the MACD has issued a bullish signal, suggesting that mometum may be swinging back to the upside.

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 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 bullish signal, as the signal line has crossed above the True MACD. With the current long term trend, based on a 50 day simple moving average, to the upside, this suggests that prices will continue to rise for a time. Furthermore, the market just put in a 50-Day new high. Look for the upward trend to continue.

RSI: The 14-Day RSI is in neutral territory. (RSI is at 64.20). 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 64.20 the market is somewhat overbought, but given the 50-Day new high here, greater overbought levels are 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 decreasing, as evidenced by a smaller 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. Also, given that we posted a 50-Day new high, the chance for further bullish momentum is higher. As a result, the market will look for additional weakening in prices before turning bearish on this indicator.

RESISTANCE AND SUPPORT LEVELS:

16.812 - 20-Day Simple Moving Average Plus 2 Standard Deviations
16.715 - Highest High in last 50-Days
16.655 - Highest High in last 10-Days
16.655 - High
16.490 - Last Price
16.421 - 3-Day Simple Moving Average
16.415 - Low
16.371 - 20-Day Simple Moving Average Plus 1 Standard Deviation
16.141 - 10-Day Simple Moving Average
15.692 - 25-Day Simple Moving Average
15.488 - 20-Day Simple Moving Average Minus 1 Standard Deviation
15.255 - Lowest Low in last 10-Days
15.083 - 50-Day Simple Moving Average
15.047 - 20-Day Simple Moving Average Minus 2 Standard Deviations
14.465 - 100-Day Simple Moving Average
13.740 - Lowest Low in last 50-Days
13.737 - 200-Day Simple Moving Average

MCXARUN
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