The daily chart shows price yesterday opening below
the daily pivot on new weekly pivot support and closing above the daily pivot at
MD MA resistance. Price today has opened above the daily pivot and made a
higher high, turning the MD MA back up in the process. If price can maintain
these gains and keep the MD MA turned up by day's end, then it would indicate
that Friday's low was an early multi-week low. If we are indeed coming out of a
MW low, the bulls have no excuse not to finally break through the upper boundary
of the triangle and make all-time highs in the days/weeks ahead. Failure to do
so would indicate the multi-year cycle peaked in February and is rolling over.
The hourly chart shows price making a 24Hr high
yesterday above the blue MD MA before trading down and finding support for the
24Hr low in the area of the 24Hr MA and daily pivot. Price has since rallied
back and taken out yesterday's high. We are currently in the timeframe for
price to make a session high; with the 24Hr high not projected until noon, price
should eclipse this morning's high before finding its session high. Failure to
do so would indicate that the 24Hr high is already in, and we would then expect
price to trade below the gold Session MA in search of its 24Hr low.
We are currently in the window for the projected
multi-day high. Coming out of a multi-day low and possible multi-week low, it
would not be shocking to see the MD high extend in time; given that we are at
the upper triangle boundary that has provided resistance to price for several
weeks, however, one must be prepared for yet another pull back into the next MD
low projected for Thursday.
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