gold

Gold Price: Move out of 20 week trough in progress

I am back from a short holiday and this post is a quick update to my previous Hurst analysis on Gold. In that post I expected gold to form a trough of at least 80 day magnitude pretty soon. Here is the latest scenario:

XAUUSD_£__daily_02_03_2015Price has moved up past the 20 day VTL and 20 day FLD, both in purple. This implies the 80 day trough has formed and, according to this analysis, the 20 week. I am long on a cross of the 20 day VTL. Initial target in this trade was first the ‘A’ category transaction T2 level at 1222. Price met that level today. There is a 40 day FLD above price and a 40 week. I expect these to be breached and price to test the recent 1307 high.

Silver is also following this cyclic picture in my opinion.

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