The daily chart shows price on the upside of the
multi-week cycle, carrying the blue MD MA upward and using it as occasional
support. We are overdue for the multi-week high to be seen, but that would be
expected if we are also coming out of a multi-month low, and it is a distinct
possibility that the June low was a MM low. The green MW MA is just starting to
turn upward, indicating that a MM low is behind us and we are on the upside of
the MM cycle. If so, price should reach new all-time highs within weeks if not
days; it is possible that this MW high will fail to eclipse the May MW high, then price will make a higher MW low (projected for July 1st) before making new highs with the
next MW cycle.
The hourly chart shows price yesterday making a
24Hr high in the early afternoon and finding support for its 24Hr low on the
white 24Hr MA, classic behavior on the upside of the multi-day cycle. Another
24Hr high is not projected for several more hours, but price appears to be
finding resistance at the gold Session MA, and that MA appears to be turning
downward; both of these actions are indicative of price being on the downside of
the 24Hr cycle, so its possible an early 24Hr high was made overnight.
The multi-day high is not projected until after the
close tomorrow, but if we have seen a lower 24Hr high then it means that
yesterday's 24Hr high was also a MD high. If so, price should break 24Hr MA and
daily pivot support and drop down to test the blue MD MA. If the overdue MW
high is also in, then price should see a steeper decline, down to the confluence
area of the weekly pivot, monthly pivot and MW MA around 2091-2093.
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