The fact that the market closed at $1513, below the weekly trend momentum of $1517, means that we are coming into the week bearish.
This has activated the extreme below the mean level target of $1501.
Since the market closed above the average price of $1501, it activates the targets above the mean of $1538 to $1562.
If gold closes below the mean of $1501, it will activate a bearish trend momentum and the targets below the mean of Buy 1 (B1) of $1477 to Buy 2 (B2) of $1440.
Since the market closed above $1417, which was identified as the yearly average price for 2020, it activated targets of $1655 to $1803 for the period from September 28, 2019 to September 28, 2020.
The VC PMI identified the average price for September as $1502.
With the market trading above the average price at $1529.40 as of the close on Friday, it appears that we are entering this month with a bullish trend momentum.
This target for the month above the average price is $1592 (Sell 1 or S1 level) and the Sell 2 (S2) level is at $1655.
If the market moves in the other direction, the Buy 1 (B1) level is at $1439 and the Buy 2 (B2) level is $1349 for the month of September.
Because gold closed above the average price, the trend momentum was bullish as we came into this week.
It also tells us that if gold closes below $1,520, it would negate this bullish trend momentum, and a second close below $1,520 would activate the levels below.
Gold did close below $1,520, and we came down to the levels that we saw on the 20th into that low $1,500 level.
Gold did not quite come down to $1,493, which was the weekly signal, but it did activate the daily signals at $1,506/7.