AS we discussed in last night’s report the dollar has formed a swing low on Monday. The dollar continues to catch a bid in the overnight.
The dollar appears to be leaving behind an early daily cycle low. And this is putting pressure on gold.
Monday was day 9 for the daily gold cycle. A day 9 peak begins to shift the odds of this daily cycle forming as a right translated cycle. In order to do so then gold would need to print a shortened cycle itself.
We will need to see some follow through before we can say definitively that this current daily cycle has peaked.
This is something that we will need to keep an eye on …