Gold’s daily cycle peaked on day 5. The bearish follow through to Tuesday’s trend line break confirms that gold has entered its daily cycle decline.
Wednesday was day 13 for the daily gold cycle. Gold still have 5 more days before entering its timing band for printing a daily cycle low. And they day 5 peak has locked in a left translated nature to this daily cycle. Therefore our expectation is to see this daily cycle peak below the previous daily cycle low of 1281.00
However it is prudent to acknowledge that the 200 day MA lies 7 points south of today’s close. And a bullish reversal off the 200 day MA could signal an early daily cycle low. And the relative strength in the Miners makes it easier to consider this possibility.
The Miner’s daily cycle peaked on day 6 with Wednesday being day 11. And even though gold is in a confirmed left translated daily cycle decline, the Miners seem to have found support at the 26.50 level and appears to have a date with the rising 50 day MA. A bullish reversal off the 50 day MA that closes the gap would deliver a bullish signal and will force us to consider that an early 12 day daily cycle low has occurred.