The daily chart shows price yesterday making a
higher low and higher high, closing above the MM MA and monthly pivot.
Yesterday's move also took out last week's high, so I am going with my preferred
designation that last week's high was merely a multi-day high, not a multi-week
high. Under that scenario, price is still searching for its now-overdue MW
high. There is a solid possibility that last week's multi-week low was also a
multi-month low, and under that scenario it would be normal for the MW high to
extend out in time coming out of a MM low. The green MW MA has flattened out
with the recent price action, lending support to the belief that a multi-month
low has been seen. There is also the possiblity, should price rally for an
extended period, that there was another muted intervening MW high and MW low,
but that will be addressed if proven necessary. In either scenario, price is
bullishly on the upside of the MW and likely MM cycles, which should enable new
highs to be seen in the coming weeks.
The hourly chart shows price making a 24Hr low at
the confluence area of the weekly pivot, MD MA and MW MA then rallying until
early afternoon where it made its 24Hr high. Price has since moved sideways
around the gold Session MA. It is uncertain whether a 24Hr low made during this
sideways trading, but a 24Hr high is projected for early afternoon. Given that
we are overdue for a multi-day high to be seen, it is quite possible that the
high several bars ago that made a near double-top with yesterday's high was an
early 24Hr high. If so, price should see a good-sized decline today through the
daily pivot and down to the monthly pivot at the 2091 area or even lower to the
MD MA/MW MA confluence near 2089.
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