Follow Through

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Gold delivered some bullish follow through to yesterday’s trend line break.

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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.

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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.

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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.

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