Happy Labor Day Weekend! First, let’s start with the 4 hour bar look for perspective. This thing just keeps grinding away at resistance, while staying around and above the top of the megaphone pattern that began in July.
Now, the usual one hour look, shows pretty much the same thing. An early 5 day cycle projection points to 4570 here at 6:30 AM in New York. BUT, they haven’t broken out and hourly cycle oscillators are on the cusp. This could still go either way.
The benefit of the doubt should always go to the upside until proven otherwise, so I lean toward that view here. In that case, the initial target lines are around 4562-65.
And for your longer term listening and dining pleasure:
Here’s What Happens When Gold’s Cycles Are at Cross Purposes
Chart Picks – 8 New Picks From Last Week’s Swing Trade Screens
Here are the Keys to More Upside as Cycles Get Back In Sync
QE Still = 100% of Treasury Issuance, But Coming Change = Crash
This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.com. View original post.
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