Gold printed what looks to be a daily cycle low last Tuesday. A swing low was formed on Thursday. Then gold was turned back by the declining trend line on Monday
Gold is kind of stuck in limbo. We need a clear and and convincing break of either the declining trend line or the previous low to determine if gold is still in an intermediate decline or a new intermediate cycle.
Natgas formed a swing high today and closed testing the daily cycle trend line. A break below the trend line will send natgas into a daily cycle decline.
Natgas has already printed a lower daily cycle low. A break of the daily cycle trend line will form a lower high, signaling an intermediate decline.
The bigger picture for natgas shows that it is fast approaching the apex of the multi month triangle consolidation. There is strong resistance from the 50 moving average and the declining 200 moving average. A break of the triangle will likely produce a strong trending move.