Precious Metals Futures

COMEX Gold:

Gold trading is weaker in ACCESS trade this morning extending the prior sessions weaker close. Trend indicators are showing the market in a neutral price pattern at present.

TREND INDICATORS:

Simple Moving Average (10-Day): Recent activity this morning has seen prices trade below this moving average. Also, the slope of the moving average is in a downward slope from the previous session indicating further weakness. As a result the 10-Day simple moving average has a strong bearish 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: The MACD is in bearish territory.

RSI: The 14-Day RSI is in neutral territory. (RSI is at 54.57). 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 54.57 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 oversold prices.

RESISTANCE AND SUPPORT LEVELS:

943.72 - 20-Day Simple Moving Average Plus 2 Standard Deviations
942.20 - Highest High in last 50-Days
941.80 - Highest High in last 10-Days
926.43 - 20-Day Simple Moving Average Plus 1 Standard Deviation
912.20 - High
910.74 - 10-Day Simple Moving Average
910.07 - 3-Day Simple Moving Average
908.90 - Last Price
908.70 - Low
905.96 - 25-Day Simple Moving Average
891.85 - 20-Day Simple Moving Average Minus 1 Standard Deviation
888.40 - Lowest Low in last 10-Days
874.56 - 20-Day Simple Moving Average Minus 2 Standard Deviations
868.26 - 50-Day Simple Moving Average
825.45 - 100-Day Simple Moving Average
789.60 - Lowest Low in last 50-Days
751.31 - 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 bullish. However, the recent downturn in the difference between the MACD and the MACD signal line may indicate a short term decline over the next few days and should be watched.

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 recent downturn in the difference between the MACD and the MACD signal line may indicate a short term decline over the next few days.

RSI: The 14-Day RSI is in neutral territory. (RSI is at 64.16). 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 64.16 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. 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:

17.650 - Highest High in last 50-Days
17.650 - Highest High in last 10-Days
17.645 - 20-Day Simple Moving Average Plus 2 Standard Deviations
17.390 - High
17.298 - 3-Day Simple Moving Average
17.290 - Low
17.290 - Last Price
17.169 - 20-Day Simple Moving Average Plus 1 Standard Deviation
16.979 - 10-Day Simple Moving Average
16.594 - 25-Day Simple Moving Average
16.230 - Lowest Low in last 10-Days
16.217 - 20-Day Simple Moving Average Minus 1 Standard Deviation
15.741 - 20-Day Simple Moving Average Minus 2 Standard Deviations
15.720 - 50-Day Simple Moving Average
14.974 - 100-Day Simple Moving Average
13.948 - 200-Day Simple Moving Average
13.740 - Lowest Low in last 50-Days

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