Waiting on the Dollar

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Equites broke out to new highs delivering final confirmation of a new daily cycle. Bonds broke below the daily cycle trend line confirming that the daily cycle is in decline. And gold continued lower, still seeking out its daily cycle low.

$ GOLD Sharp Charts Workbench Stock Charts com

Gold printed another lower lower, extended the daily cycle count out to 23 days. Gold is starting to move into the latter stages of its timing band to print a daily cycle low. A swing low will likely mark the daily cycle low.

The other precious metals already seem to have printed their daily cycle lows.

Futures Metals Chart Daily

Silver, platinum and palladium all printed the lowest point of their cycle declines on Thursday and have since formed swing lows accompanied by trend line breaks.

GDX Sharp Charts Workbench Stock Charts com 20

The Miners also printed their lowest point on Thursday and have since formed a swing low. And I believe that the precious metals and the Miners are all waiting on decisive action from the dollar.

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The dollar has been consolidating since the day 5 peak. That consolidation has been contained by the declining 50 MA. The dollar tried to regain the 50 MA on Monday was rejected. Once a swing high forms off of this secondary high I expect to see gold begin to rally.

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