Gold’s daily cycle peaked on day 17 and then began its descent into its daily cycle low. Did that daily cycle low just get left behind?
Prior to the day 17 peak, gold crawled along the 50 MA, which is normally a continuation pattern. As gold declined it found support along the 50 MA.
Tuesday gold broke above the declining trend line, which signals a new daily cycle. But gold could not hold on and closed back below the declining trend line. This morning gold is once again testing the declining trend line. I think if gold breaks above the declining trend line again, that will signal a new daily cycle. The other precious metals also seem to be finding bottoms.
All of the precious metals seemed to have printed higher lows. While silver did print a left translated cycle, it too formed a higher low and now seems to be leading the metals out of the low.