The daily chart shows price yesterday making a
lower high, lower low and lower close versus Tuesday. Price today has opened
above the daily pivot and thus far has made a higher low and higher high than
yesterday. The blue MD MA is starting to flatten out, and unless price rallies
above it today, the turn of the MD MA will confirm that we are on downside of
the multi-week cycle. The MW low is projected for next Tuesday, and I would
expect price to test the weekly pivot or the MW MA/MM MA confluence area near
2087 before the low is found.
The hourly chart shows price yesterday making a
24Hr low just after the NY open and then riding gold Session cycle MA support
throughout the remainder of the day until finding its 24Hr high overnight just
under the MD MA. Price is in the timeframe to see its 24Hr low and is currently
testing the white 24Hr MA and daily pivot. Should price find support here for
the 24Hr low, it would confirm yesterday's low as a multi-day low. A MD high is
projected for Monday, but the MD MA could provide resistance to see the MD high
put in earlier if price is on the downside of the MW cycle.
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