Gold delivered some bullish follow through to yesterday’s trend line break.
Thursday was day 4 for the daily gold cycle. If gold fails to break above 1325.90 that would signal that Friday was day 13 of a failed daily cycle. A break above the day 26 high of 1346.80 indicates that Friday was day 42 of a stretched right translated daily cycle. Gold did print a 20 million SOS today. That is 2 straight days of SOS which is more characteristic of a left translated cycle forming.
The dollar did form a swing high today.
Thursday was day 26 for the daily dollar cycle. Despite forming a swing high today, the dollar managed to close higher. The dollar is getting deep in its timing band to seek out a daily cycle low. Some bearish follow through to complete its daily cycle decline.
And stocks continued to look for their daily cycle low.
Thursday was day 39 for the daily equity cycle. At this late stage, a swing low should mark the daily cycle low. A break above 1928.89 forms a daily swing low and likely the daily cycle low.