Wednesday 3/9/16

*Apologies for the late post.  The blog entry was completed earlier than normal today but never published.  

Price yesterday made a lower high and lower low and close versus Monday, with price closing just beneath the MD MA and testing the weekly pivot.  Price thus far today has opened below its daily pivot but is currently trading back up to the MD MA.  It is evident that Friday was a multi-day high, but it is still unclear whether it was also a multi-week high, as price has refused to break lower; should the MD MA act as resistance today and price turns lower to take out yesterday's low, it would be a strong likelihood that the MW high has been seen.  Of course, the weekly pivot is capable of providing support for a MW low if price is on the upside of the multi-month cycle, so where the MW low is found is just as important as when it is found.   A sideways correction for the remainder of the week into a MW low and then a launch higher would be a strong indication that price is on the upside of the MM and MY cycles, while a steeper correction down to the MM MA or monthly pivot would leave open some bearish possibilities.

 

 

 

The hourly chart shows price yesterday chopping above and below the gold Session MA, continually finding resistance at the 24Hr MA as it moved its way lower.  A clear 24Hr low was finally made at the close, and price has been moving higher ever since.  With price having moved back above the 24Hr MA, daily pivot, and MD MA, it is likely that yesterday's low was also a MD low.

 

We are either in the timeframe to see a 24Hr high or are overdue to see this high.  If we are on the upside of the MD cycle price should find support for its 24Hr low on the daily pivot or 24Hr MA.  We are also in the timeframe to see a MD high either today or tomorrow.  Should price break 24Hr MA/daily pivot support today or tomorrow, it will indicate that the MD high has been seen.  A lower MD high than Friday's will indicate that Friday was also the MW high and I would expect price to then take out yesterday's low in the following days.  Should the MD high be higher than Friday's MD high it would mean that the MW high has yet to be seen.