Price yesterday made a lower high, lower low and
sharply lower close versus Monday. Price today has opened below its daily pivot
and has made a lower low, testing the MW MA. It is possible that price is
merely on the downside of the multi-day cycle; unless price rallies back above
the weekly pivot and MD MA today or tomorrow, however, it is likely that price
is also on the downside of the multi-week cycle. If so, one would expect price
to move sideways or lower into its next MW low (projected for 2/11). A sideways
or mild move lower into a higher MW low would mean that price is on the upside
of the multi-month cycle. If we are on the downside of the multi-month cycle,
price should move sharply lower into a lower MW low than the January MW
low.
The hourly chart shows price yesterday falling
throughout the day after Monday's multi-day high. Price finally found its 24Hr
low in afterhours trading on MW MA support. We are overdue to see a 24Hr high,
and it is unclear whether price made that 24Hr high four bars ago under daily
pivot resistance or if the high has yet to be seen. As always, a break of gold Session MA support will indicate that the 24Hr high has been seen.
We are also in the
timeframe for the multi-day low to be seen, and it is quite possible that this
MD low was seen yesterday on MW MA support. If so, the 24Hr high may extend in
time today before price makes a higher 24Hr low (projected for well after the
close). If price is still on the downside of the MD cycle, price will find
resistance at this current level and drop to retest the MW MA.
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