The daily chart shows price yesterday making a
higher low, higher high and higher close versus Tuesday's candle, with price
closing above the MW MA. Early in today's candle price has opened well above
its daily pivot and has made a higher high versus yesterday. With price trading
above the MW MA and the MD MA starting to turn upward, I have marked Friday's
low as a multi-week low. The MW high is not due until next Wednesday, giving
price plenty of time to reach new all-time highs before Thanksgiving (and more
importantly, before the official start of the holiday shopping
season).
The hourly chart shows price finding support on the
weekly pivot in yesterday's pre-market trading before breaking through daily
pivot resistance and rising throughout the day to close above the MW MA. Price
continued to trade modestly higher in overnight and pre-market trading.
It is unclear whether an intervening 24Hr high and
low were seen after Tuesday's 24Hr low, but even if so we are well overdue to
see a 24Hr high; with price currently trading below the gold Session MA, it is
likely that the high was seen two bars ago. Price should now trade down to at
least the 24Hr MA, and possibly the daily pivot near 2070, in search of its overdue 24Hr low.
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