Friday 4/24/15

The daily chart shows price yesterday making a higher low and higher high, closing above the upper boundary of the triangle pattern and making an all-time high in the process. It was mentioned yesterday that the Monday low/Tuesday high situation was extremely unlikely to hold and that price would either eclipse Tuesday's high or drop below Monday's low. Price today has opened above the daily pivot and tested that pivot but is currently trading higher.  

With the new high, I have marked last Friday's low as the multi-week low. This was a higher MW low, and it was mentioned in Tuesday's commentary that if the MW low was behind us price had no excuse not to make all-time highs in the days/weeks ahead. The flattening of the pink MM MA still raises some concerns, but with price now behaving as if it is on the upside of both the MM and MW cycles, there is every reason to expect price to continue higher. The MM high is not projected for another 7 weeks, and the MW high is not projected until May 6. 

The hourly chart shows price finding support on the MW MA for the 24Hr low yesterday before the NY open. My concerns that we had made an early MD high and thus any rallies would be capped by the white 24Hr MA were quickly dashed as price broke the MA convincingly then found support on it before surging to all-time highs. Price overnight found support on the 24Hr MA and daily pivot for the 24Hr low and is riding gold Session MA support higher. 

The MD high was projected for early this morning. On the upside of the MM and MW cycles, the MD high can easily extend in time. Failure to take out this morning's highs during the next Session high due near the close would indicate that a lower 24Hr high, and by association the MD high, is behind us. If so, price will will break the Session MA and 24Hr MA and likely test the blue MD MA as it searches for the next MD low projected for Monday near the open.