Monday was day 17 for the daily gold cycle and gold is running into resistance at the 1280 level.
Gold also printed a bearish reversal on Monday.
Gold is about to enter its timing band for a daily cycle low. A break below 1251.90 forms a swing high. Then a break below the daily cycle trend line will confirm that the daily gold cycle is in decline.
Here is further indication that gold’s daily cycle is about to roll over.
All of the precious metals have already broke below their daily cycle trend lines confirming a daily cycle decline, with palladium leading the way lower.
And finally we see that the Miners have formed a daily swing high.
Monday was day 22 for the daily Miner cycle. The swing high this late in the daily cycle signals a cycle decline. A break of the daily cycle trend line will confirm that the Miners are declining into their daily cycle low.
Once the Miners surrender the daily cycle trend line we will be on the look out for the Miners to print a higher low. That will present a golden opportunity.