I wrote the last two Pro Trader Market Update reports while sitting in a hospital bed this weekend after having had a small heart attack on Friday. On Monday I’ll have a procedure to correct the problem, and should be as good as “slightly used-reconditioned” in a few days. When I started having severe chest pain after…
Gold has surged to an area of multiple resistance lines around 1280. The 9-12 month cycle projection has widened.
The 9-12 month cycle projection has widened as gold heads for a test of the March high.
Gold remains in a 13 week cycle up phase as it rises from its lower short term channel line. Here are the key levels which could trigger the next big move.
With 13 week cycle indicators mostly on the sell side, the sideways up phase is vulnerable to an early failure. Here are the key levels which could be the trigger.
The 9-12 month cycle projection for the cycle high dropped back to a level already hit.
The test of the high was rejected yesterday as the early rally collapsed just as I was posting yesterday’s report.
A rally this morning has invigorated the 13 week cycle up phase in a test of the March high.
Gold’s 6-7 week and 9-12 month cycle projections have moved higher.
The 6-7 week cycle projection has edged up to 1269 which would still leave the price below the March high and still locked in a trading range. The bigger issue is the status of the 9-12 month cycle.