The 4/21/14 Evening Report

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Gold’s intermediate cycle peaked on March 17th then declined through April 1st into a daily cycle low. After a 9 day countertrend rally gold is continuing its intermediate cycle decline.

$ GOLD Sharp Charts Workbench Stock Charts com

Monday was day 13 for the current daily cycle. Gold has 5 more days before it enters its timing band for a daily cycle low. Since gold is in an intermediate cycle decline and the previous daily cycle failed, we expect this daily cycle to fail as well.

The Miners daily cycle failed today.

GDX Sharp Charts Workbench Stock Charts com 20

Like gold, the Miners have been in an intermediate cycle decline that saw the previous daily cycle fail. The Miners have been finding support at the 23.50 level the past few days. But today the Miners broke below that level. They continued lower braking below the previous daily cycle low.

I do not think that it is coincidental that the Miners broke below support as the dollar broke above resistance. And I think that we can expect to see the Miners continue lower until the dollar’s daily cycle peaks.

$ USD daily

The dollar was running into resistance the previous three sessions. Today the dollar broke above that resistance level. The current daily dollar cycle follows a right translated cycle. Therefore we expect the dollar to print a higher daily cycle high during this cycle.

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