Well Gary looking at the weekly chart of CRB back to 2011 one can see 3 layers of trading, above 313 to heavy resistance at 325, 294- 313 and 270-294A weekly close above 313 would signal the first breakout and again above 325 would be very bullish as that level has be containing and real measure of inflation since Oct 2011Options expiry today for Gold and Silver, GDP, FOMC and NFP all this week = Fireworks!.......jj
After hearing your am KER audio, completely agree Gold's higher lows are in place, its the Higher High that is needed. $1392 and $1425 area is the line in the sand for the Bulls and Bears, breakout to the original major breakdown area.... April 2013..... above $1550 would be a very bullish result for 2014...........jj
all about money flow
Mr Market is showing us the line in the sand of which the Bulls and Bears are protecting.$1300 and $20.50....................jj
Gary your audio this am at KERIts really important on a closing basis that the recent low of $1287 is only tested during the trading day as the 200dma on the daily chart is as well at $1287, the close is very important vs a hard shot down to $1285 and reverse with a close above $1292GDP no doubt will create a reaction in the am then the afternoon FOMC will be the follow thru, Fri NFP data has been a bigger data point reaction for gold in 2014 than the FOMC setting up Fri close as very important heading into Aug and the Weekly chart...........jj
Intraday action is all that counts as it pertains to cycles. Gold needs to hold above $1287 tomorrow. If not then I think we have to assume they have succeeded in breaking the daily cycle and the intermediate trend would then be down.
Very interesting Gary, cycles and intraday trading action. Almost all of golds lows these past years have had long tail candles as gold overshoots by $20 and closes higher, I'd be covering my short with a shot down to $1280 and a close above $1292Didn't think cycles was a good indicator for tops and bottoms but more for trends so given that I guess you'd get bullish, position wise, with $1287 holding and a close above $1309...........jj
Cycles are mostly good for spotting bottoms. The June 5th entry was a classic example.
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