I think your referring to gold and we have to keep in mind that, ... (unlike stocks), ... they often overrun pivots by around 2/3rds.
The daily pivot at $1,298 (purple-line) has been breached, so that opens up the low and the intersection of that bar, which is $1,275 (black-circle), so expect it to go down to at least $1,280, which would be around 2/3rds of that long bar, basically just below where the 50-day crosses over the bar in the daily chart below.
A move back up to $1,302/03 is very likely, which is today's pivot, ... and if its successful, ... look for a test of that stubborn $1,320 range again (brown-line) or perhaps closer to the $1,330 which would be 2/3rds of the bar you see with the brown-line. The lowers are nearing or are in oversold now.
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I see both Wolf and Rob are starting to use the pivots more, Rob's been using it on and off for sometime, but for our friend wolf, ... its a new development, he's been 1 dimensional for the most part. Funny how some of those folks got all bent out of shape on a comment and an observation, ... lol.
No one was advocating or suggesting anything, ... they overreacted indeed, life does exist beyond money my friend, its the one thing we all love and hate at the same time, ... Ha!
Anyway, ... we also have the weekly pivot to deal with in the chart below, ... which is the $1,290.15, (purple-line), ... which will more than likely fall this week, its already below both the 20 and 50-day now. Our upper pivot is the same as the daily, (brown-line), ... our 2/3rds overrun is roughly where the blue-circle is, that is support, roughly the $1,278 or so.
I drew the lower gray trend-line off of the closing points of those weeks, they are the low points of this entire low bottoming process, lets watch how it holds up, anything below the line opens up the $1,240 area and we dont have much left back to the lows once below it. I was surprised on this sell-off, I thought for sure we would see a run back to the upper gray-line, but TPTB have turned more cautious. We will advance above these areas sooner or later.
Unlike the daily, the weekly lowers still have room to fall,, ... they rarely turn back up from halfway, they pivot from side to side a bit, but inevitably bottom, and sometime a sideways pattern finish the processes, lets watch and see if this might be the case, preferably somewhere in the $1,250/75 area, ... if it continues its descend.
I hope this helps you, Geopolitics is KING right now, politics are front and center in regards to all of this. |
