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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 OCTOBER 5, 2012 0 comments
    Oct 7, 2012 11:57 PM | about stocks: GLD, PSLV, GDX, AG, AGQ, SLW

    By Patrick MontesDeOca

    Let's take a look at the gold charts and see what the technicals are indicating for the near-term price outlook. The yellow metal closed at 1785 for the week. With the price closing above the 61.8% Fibonacci target of 1782, it projects to next challenge the September 2011 highs of 1934.6 as the next objective.

    The gold market had a quiet week. It appears the price rally in anticipation of the QE3 announcement by the FED's is digesting and consolidating the inflationary consequences of Mr. Bernanke announcement that $40 Billion will be committed on a monthly basis as required by the economy and the unemployment indicators. With the unemployment level falling to 7.8% from the 8.1% previously announced monthly record, the gold market was unable to gain enough muscle to close above the 1800 levels on a weekly basis and some profit taking came in near the highs for the day ending the week on a positive note.

    GOLD

    The August (Comex) electronic gold contract closed at 1.785. The 52 week Range is: 1.535 - 1.815.

    The gold price 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 1.785, confirms the price momentum is neutral to bearish. Look to take some profits if long as we reach the 1.797 to 1.809 levels early next week. If stops are taken out here, we could see a rally up to the 1.805 and 1.820 weekly resistance levels

    Buy corrections at the 1.774 and 1.762 levels to cover shorts and go long on a weekly reversal stop. If long use the 1.762 level as a SCO/GTC ( Stop Close Only and Good Till Cancelled order).

    SILVER

    The December (Comex) electronic silver contract closed at $34.60. 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 is confirmation the trend momentum is bullish.

    The market price closing below the VC Weekly Price Momentum Indicator of $34.67 is neutral to bearish. Look to take some profits if long as we reach the $35.06 and 35.53 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 $34.22 and 33.85 levels to cover shorts and go long on a weekly reversal stop. If long use the $33.85 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 58.19. 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 is confirmation the trend momentum is bullish.

    With the market price closing above the VC Weekly Price Momentum Indicator of 58.44, confirms the price momentum is bullish. Look to take some profits if long as we reach 59.39 and 60.58 levels early next week.

    Buy corrections to 57.25 to 56.30 levels to cover shorts and go long on a reversal stop. If long use the 56.30 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 53.65. 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 trend momentum is bullish.

    With the market closing below the VC Weekly Price Momentum Indicator of 53.90, confirms the trend momentum is neutral to bearish. Look to take some profits if long as we reach 54.39 and 55.12 levels early next week.

    Buy corrections to 53.17 and 52.68 levels to cover shorts and go long on a reversal stop. If long use the 52.68 levels as a SCO/GTC (Stop Close Only and Good 'Till Cancelled order).

    GLD SPDR Gold Trust Shares

    The GLD (SPDR Gold Trust Shares) ETF closed at 172.6. 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 trend momentum is bullish.

    With the market price below the VC Weekly Price Momentum Indicator of 172.67, confirms the trend momentum is neutral to bearish. Look to take some profits if long as we reach 173.32 and 1.7402 levels early next week.

    Buy corrections to 171.96 to 171.31 levels to cover shorts and go long on a reversal stop. If long use the 171.31 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 146.14. The 52 week Range is: 148.11 - 107.43.

    The market closing below the 9 MA's on a weekly basis confirms the trend momentum is neutral to bearish.

    With the price market closing below the VC Weekly Price Momentum Indicator of 146.33, confirms the price momentum is bearish. Look to take some profits if long as we reach 146.87 and 147.79 levels early next week.

    Buy corrections to 145.51 to 144.87 levels to cover shorts and go long on a reversal stop. If long use the 144.87 levels as a SCO/GTC ( Stop Close Only and Good 'Till Cancelled order).

    Stocks: GLD, PSLV, GDX, AG, AGQ, SLW
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