The daily chart shows price yesterday opening below
its daily pivot and making a lower low versus Friday's candle, but finding
support on the MD MA and weekly pivot and rallying for a higher high and higher
close. Price today has opened above its daily pivot and thus far is little
changed from yesterday.
Price continues riding MD MA support on the upside
of the multi-week cycle. The MW high is projected for tomorrow, and while
Wednesday highs often mark MW highs, the projected date carries zero weight for
investing or trading purposes. When price breaks below the MD MA and turns that
average downward, we will know the MW high has been seen. Given the overdue
nature of the MM high, it is very likely that it will also mean the MM high has
been seen. This should see price begin a decent-sized correction, but it cannot
be emphasized enough that the best trade will be going long once the multi-month
low has been seen.
The hourly chart shows price yesterday easily
breaking above the 24Hr MA and daily pivot and rising strongly throughout the
day. This trend day up indicates that the early A.M. low was a multi-day low. I have added an intervening 24Hr low on daily pivot support and 24Hr high below
24Hr MA resistance, both occurring on Friday; there were arguments against these
being a 24Hr low and high when I contemplated them yesterday, but the subsequent price action argues in favor of
the designations.
We are in the timeframe to see a 24Hr low; price is
currently attempting to find support for this low on the 24Hr MA, and this MA or
the daily pivot below are logical places for the 24Hr low to be seen. Since we
should have at least one more 24Hr cycle high before seeing a MD high and the
MW high is not projected until tomorrow, price should be able to take out
yesterday's high by the close. When price is able to trade above the gold
Session MA and turn that average upward, it will indicate that the 24Hr low has
been seen and that MA will then provide support for price the remainder of the
day.
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