The dollar fell out of bed overnight.
The daily dollar cycle peaked on Tuesday, day 16. It formed a swing high on Wednesday. Now overnight the dollar delivered a clear and convincing trend line break confirming a move into a daily cycle low. A peak on day 16 should see this daily cycle form as a right translated daily cycle printing a higher daily cycle low.
The dollar’s plunge seems to have awaken gold.
Gold’s daily cycle sports a day 13 peak that printed on Tuesday. Gold went lower on Wednesday but did not form a swing high until this morning. I believe that the December 31st daily cycle low was an intermediate low. Meaning that gold is quite likely in a new intermediate cycle. And if gold is in a new intermediate cycle we need to keep an open mind to the possibility that Gold is delivering a surprise to the upside by forming an early daily cycle low.