Gold Delivers Bullish Signal

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

gold

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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.

$$$

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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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