Gold formed a swing low on Wednesday.
Tuesday was the lowest point since gold printed a swing high on day 9. Wednesday saw gold break (barely) above the Tuesday high forming a swing low
Tuesday was day 27 for the daily gold cycle. Gold is getting deep in its timing band to print a daily cycle low. Any follow through to this swing low will likely signal a new daily cycle, sending gold higher. On the other hand stocks continue to print new highs and now are in the timing band to seek out a daily cycle low.
Wednesday was day 36 for the daily equity cycle. The timing band for stocks to print a daily cycle low extends out to day 45. So any swing high now will likely signal the start of the daily cycle decline.