Gold delivered another bullish surprise today.
Tuesday was day 7 for the daily gold cycle. Gold kicked off this daily cycle with an 80 point day on 12/01. After such a bullish day gold needed several days to consolidate that gain.
I believe that something has changed. Since the beginning of this intermediate cycle gold has been delivering bullish surprises. I believe that surprises tend to come on the side of the trend. We may be seeing the beginning of a new trend for gold.
Gold’s rally was halted today by the June low. If our daily count is correct, and today is day 7 then we should see gold break through this level. One of the hints that today is day 7 is that the TSI has breached its declining trend line, suggesting continued strength. If 12/01 did not begin a new daily cycle then that would make today day 22 and then we could see gold get turned back here into a daily cycle low.