The daily chart shows price yesterday making a
higher low and higher high, closing above the monthly pivot and MW and MM MAs.
With the blue MD MA now pointing upward, I have designated last Monday's low as
a multi-week low. The multi-week high is projected for today, but the status of
the multi-month cycle has a big say in when the MW high will be made; if we are
still on the downside of the MM cycle I would expect the MW high to come in near
the projection, but if Monday was also a multi-month low then I would expect the
MW high to extend in time well past the projected date.
The hourly chart shows price rising all day long
yesterday, riding the support of the gold Session MA up to its 24Hr high just
after the NY close. This is action indicative of price being on the upside of
the 24Hr, MD and MW cycles.
As mentioned yesterday, today is projection for
both the MD high and MW high. We are currently overdue for the 24Hr low, but
price has shown little interest in declining and has instead just been
correcting sideways. As long as price finds support for its 24Hr low on the
24Hr MA or daily pivot, we have not seen the MD high. When the high has been
seen, price will break the 24Hr MA, then the daily pivot, and will probe lower
for the support that will put in the MD low which is projected for overnight
tonight. The monthly pivot would be the first area to look for this support,
while the confluence of the MW and MD MAs near 2066 would be the next lower
area.
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