October 21 2014
The medium term cycle bottomed on October 8th (15 days past the ideal date but still within the 2.5 week standard deviation).
The rebound into October 23rd (plus or minus 72 hours) is taking place and the short term cycle is due to peak this coming week. October 23rd – 25th has the best odds of producing a short term high but we do want to say that the minimum objective for this move up has been met at 1256.
As you can see on the chart, today’s resistance came right at the red dotted trend line as we are now in the short term cycle window for a turn that lasts until Monday of next week.
We got our close above 1243/45 and reached the 1252-1262 1st weekly resistance and target. If we close above 1252-1255 odds favor we can move into the 1272-1282 area.
A pullback after this week should come into play lasting until the end of the first week of November where the next buy opportunity in gold comes in play.