Timely to look at the precious metal after last night’s move. The Wyckoff Method of Analysis is applied.
The MSOS ( Major Sign of Strength or a breakout in conventional charting ) after the last session, puts the precious metal in a MARK UP PHASE ( Bull Run) as far as this daily chart analysis is concerned. The Cause may not be the greatest ( duration of the completed trading range) but the accumulation is now assumed to be completed and MARK UP in effect.
We must always remember that, in this game of probability, failure of the patterns are fact of life. Completion of the pattern only increases the probability of a success. No Guarantees.
Chart is courtesy of StockCharts.com
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