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Patrick MontesDeOca
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Published Technical Analyst, Author, Commodity Trader, Systems Developer, Algorithmic Intelligence, Computer Modeling of Processes. I custom build Proprietary Artificial Intelligence for each individual client's portfolio needs. After more 30 years in the business, Patrick MontesDeOca has... More
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  • MARKET WEEKLY SCAN FOR SEPTEMBER 28, 2012 0 comments
    Sep 29, 2012 8:59 PM | about stocks: GLD, SLV, AGQ, PSLV, SLW, GDX

    GOLD

    Let's take a look at the charts and see what the technicals are indicating for the near-term price outlook.

    The August (Comex) electronic gold contract closed at 1.7745. The 52 week Range is: 1,535 - 1,815.

    The market closing above the daily 9, 18 and 36 day MA's on a weekly basis is confirmation the trend momentum is bullish.

    With the market closing below the VC Weekly Price Momentum Indicator of 1.777, confirms the trend momentum turned bearish. Look to take some profits if long as we reach the 1.784 to 1.793 levels early next week. If stops are taken out here, we could see a rally up to the 1.800 to 1.815 weekly resistance levels

    Buy corrections at the 1.768 and 1.760. levels to cover shorts and go long on a weekly reversal stop. If long use the 1.760 level as a SCO/GTC ( Stop Close Only and Good Till Cancelled order).

    SILVER

    The December (Comex) electronic silver contract closed at $34.56. The 52 week Range is: $26.20 - $37.65.

    The market closing above the daily 9, 18 and 36 day MA's on a weekly basis confirms the momentum is bullish.

    The market closing above the VC Weekly Price Momentum Indicator of $34.40 is bullish. Look to take some profits if long as we reach the $34.89 and 35.20 levels early next week. If stops are taken out here, we could see a sharp rally up to the $37.50 to $40 levels weekly resistance levels.
    Buy corrections at the $34.29 and $34.01 levels to cover shorts and go long on a weekly reversal stop. If long use the $34.01 level as a SCO/GTC (Stop Close Only and Good Till Cancelled order).

    AGQ ProShares Ultra Silver

    The AGQ ProShares Ultra Silver ETF closed at 58.35. The 52 week Range is: 74.65 - 34.45.

    The market closing above the 9 and 18 day 36 MA's on a weekly basis confirms the momentum is bullish.

    With the market closing above the VC Weekly Price Momentum Indicator of 47.32, confirms the trend momentum is bullish.

    Look to take some profits if long as we reach 48.68 and 49.20 levels early next week.
    Buy corrections to 46.58 and 45.22 levels to cover shorts and go long on a reversal stop. If long use the 45.22 levels as a SCO/GTC ( Stop Close Only and Good 'Till Cancelled order ).

    GDX Market Vectors Gold Miners

    The GDX (Market Vectors Gold Miners) ETF closed at 53.69. The 52 week Range is: 39.08 - 63.69.

    The market closing above the 18 day 36 MA's on a weekly basis confirms the momentum is neutral to bullish.

    With the market closing above the VC Weekly Price Momentum Indicator of 53.67, confirms the trend momentum is bullish. Look to take some profits if long as we reach 54.14 and 54.58 levels early next week.
    Buy corrections to 53.23 to 52.76 levels to cover shorts and go long on a reversal stop. If long use the 52.76 levels as a SCO/GTC ( Stop Close Only and Good 'Till Cancelled order ).

    GLD SPDR Gold Trust Shares

    The GDX (Market Vectors Gold Miners) ETF closed at 171.9. The 52 week Range is: 175.46 - 148.27.

    The market closing above the 9 and 18 day 36 MA's on a weekly basis confirms the momentum is bullish.

    With the market closing at the VC Weekly Price Momentum Indicator of 171.90, confirms the trend momentum is neutral to bullish bullish. Look to take some profits if long as we reach 172.47 to 173.04 levels early next week.

    Buy corrections to 171.33 and 170.76 levels to cover shorts and go long on a reversal stop. If long use the 170.76 levels as a SCO/GTC ( Stop Close Only and Good 'Till Cancelled order ).

    SPY S&P 500 SPDRs

    The SPY S&P 500 SPDRs ETF closed at 143.97. The 52 week Range is: 148.11 - 107.43.
    The market closing below the 9 and 18 MA's on a weekly basis confirms the momentum is bearish.

    With the market closing belo the VC Weekly Price Momentum Indicator of 144.00, confirms the trend momentum is bearish. Look to take some profits if long as we reach 144.53 and 145.10 levels early next week.

    Buy corrections to 143.43 and 142.90 levels to cover shorts and go long on a reversal stop. If long use the 142.90 levels as a SCO/GTC ( Stop Close Only and Good 'Till Cancelled order ).

    Themes: GOLD, SILVER Stocks: GLD, SLV, AGQ, PSLV, SLW, GDX
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