Prices have tripped out of their intra-day trends and moved into a firm, upward price trend.
While this is a daily trend only at this time, using what I call ‘Gann Astrology’, we find that we’re very close to an important momentum pivot point.
If prices manage to stage continued strength to the upside, we will trip into a new, much more powerful and long-lived Monthly trending market for Gold.
Let’s take a closer look at the critical price point I’m writing about by going to the chart listed below showing the Monthly trend for the Gold Market. The BUY daily price point shown on the chart above will be shown on our Monthly chart as the smaller of the two circles. The larger circle shows the price area we’re watching for now.
We’re now at an important Yearly anniversary of that price spike area and should expect some type of market response.
As the earlier comments stated, we’ve broken into a strengthening Daily price trend already.
That’s important, but, it’s happened during the Anniversary of the previous HIGH and . . . THIS COULD BE THE RESPONSE WE’RE EXPECTING ON THIS ANNIVERSARY PERIOD.
Now, if prices can move into the $1140-$1150 area and CLOSE there for more than a few days, according to the ‘Gann Astrology’ approach we’re using here, we’ll have our signal for a significant rise in Gold prices to come. – George