A weekly chart analysis of the Precious Metal the Wyckoff Way. Trading Range flat or sloping is a trading range and deserves to have the Mighty Wyckoff Method of Analysis applied to it. That is what I am doing here.
All the markings are on the chart for those of us who are familiar with the method. I will only focus on the latest price action behaviour. A BEARISH PIVOT POINT REVERSAL ( Short Term OHLC Reversal Signal candles shown) was on hand three weeks ago suggesting a short term corrective price action behaviour. That has now gave way to a BULLISH PIVOT POINT REVRSAL should the Precious Metal close above $1248 USD end of week. A close look at the chart, clearly indicates a short term support zone around $1200 which appears to have done it’s job so far.
I must also point out the BULLISH GOLDEN MOVING AVERAGE CROSS with the Precious Metal ( see the small box in Gold Colour at the bottom).
Does the Precious Metal now have the zone of $1430 in it’s sight where the AR ( Automatic Rally) halted in Mid. 2013 ? This remains to be seen.
Lets see how our Gold Miners may react to the bullish overseas price action behaviour of the Precious Metal when the All Ords resumes trading today (09/06) ?
Weekly Chart of the Precious Metal is courtesy of StockCharts.com
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