The daily chart shows price yesterday making a
higher low and higher high versus the prior bar. Price today has opened above
the daily pivot and is currently testing yesterday's high and the MD MA. It is
still unclear whether price has seen its multi-week low, as price has yet to
close above the MD MA and turn that average upward. If the MW low was seen on
Tuesday, price should be expected to at least visit the MW MA near 2089 before
making its MW high (projected for 7/14). If the MW low is still ahead of us,
price should falter at the MD MA and price will retest the Tuesday
low.
The hourly chart shows price making a 24Hr low
early yesterday afternoon on 24Hr MA support, behavior indicative of being on
the uside of the multi-day cycle. Price has since made its way up to the MD MA
as called for yesterday and has eclipsed yesterday's high. We are overdue for a
multi-day high to be seen; if Tuesday was a MW low as well as a MD low, then I
would expect price to right-translate its MD cycle and perhaps visit the 2091
area at the monthly pivot and MW MA confluence before the MD high is seen.
It is unclear whether we are overdue for the 24Hr
high or whether there was an intervening half-span 24Hr cycle with a high before
yesterday's close and a low made overnight on daily pivot and 24Hr MA support.
The fact that the gold Session MA turned downward overnight is an indication
that this may be the case. If so, the 24Hr high would be projected for after
the close, and I would expect price to reach the 2091-2092 area. If there was no intervening 24Hr cycle and we are indeed overdue for the 24Hr high, then I
would expect the high to be seen around the NY open and price should then sell
off down to at least the white 24Hr MA before seeing its 24Hr low (projected for
early afternoon).
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