The 9/11/13 Morning Update

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Gold broke lower in the overnight tagging the developing intermediate cycle trend line.

gld

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 …

jump

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