Gold Delivers Bullish Signal


Since emerging from its early November intermediate cycle low gold has delivered bullish surprises to the upside. Today gold delivered again.


Thursday was day 9 for gold’s daily cycle. Gold printed a 35 point gain that broke above the declining 200 day MA. The 200 day MA could have offered stiff resistance but gold sliced right through it. Gold is still 9 days away from entering its timing band for a daily cycle low so there is still plenty of time for gold to rally. And the dollar looks like it is ready to cooperate.


Thursday was day 20 for the dollar’s daily cycle. The dollar has already entered its timing band to seek out a daily cycle low. The Doji that printed today signals a change is at hand. A break below 91.50 forms a swing high and confirms the daily cycle decline. Once a daily cycle low forms, our weekly count has us expecting that the dollar’s next daily cycle should roll over by day 8 and form as a left translated, failed daily cycle.


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