Gold broke lower in the overnight tagging the developing intermediate cycle trend line.
Tuesday is day 24 for the daily gold cycle. A tag of the developing intermediate cycle trend line this late in the daily cycle has pretty good odds of marking the daily cycle low.
Since this cycle is forming as a right translated cycle our expectation is for it to go on to print a higher daily cycle high.
Can gold still go lower? Sure. But at this late stage of the daily cycle even if it does, it should be recovered quickly. Of course a swing low accompanied by a declining trend line break is needed to confirm a new daily cycle. And the earliest a swing low can form would be on Thursday.
Those wishing to add could wait for the swing low and trend line break. Those with a higher risk tolerance could jump on now …