Tuesday 9/8/2015

The daily chart shows price yesterday making a lower high and higher low but higher close versus Friday's candle, with price still finding resistance at the MD MA and weekly pivot.  Price thus far today has managed to eclipse these resistance levels and is currently testing the green MW MA from below.

The multi-week low is not projected until next Tuesday, so price should have fallen sharply out of last Thursday's multi-day high.   The fact that price instead has moved sideways could mean that price has already seen another early multi-week low.   This would lend credence to the scenario espoused in this blog that price could be entering a triangle consolidation pattern. While there could very well still be a bearish conclusion to this consolidation, it is generally hard to argue that sideways movement is not more bullish than downward movement (I wouldn't hesitate to argue the point, however, and may very well do so some other day).

The hourly chart shows price yesterday making its 24Hr high at MD MA resistance and drifting mostly sideways until finding its 24Hr low early afternoon on 24Hr MA support.  This is classic behavior of price being on the upside of the multi-day cycle, and Friday's low has been marked as a MD low.  This was also a higher MD low than the 9/1 MD low, indicating that 9/1 could well have been yet another early MW low, the implications of which were discussed above.

We are in the timeframe to see a 24Hr high; it is possible that the high was seen several bars ago, or price could just be correcting into its Session low where it will find support on the Session MA and turn higher.  Should the gold Session MA fail to provide support and start to turn lower, followed by price making a lower Session high near noon, it would confirm the 24Hr high is in.   A 24Hr low is projected for early afternoon, and we will see if the MD MA and/or MW MA can now provide support for price.