Gold formed a swing low today.
Gold’s daily cycle peaked on day 13 and printed is lowest point Wednesday, day 31. Gold did form a swing low today. Gold needs to develop more traction and close above the declining trend line before we can label Wednesday a daily cycle low.
Bonds also lacked traction today.
Bonds printed their lowest point on Tuesday, day 17, following the day 6 peak. Wednesday and Thursday saw bonds trade within Tuesday’s intraday trading range. A break below 125.92 extends the intermediate cycle decline. A break above 127.93 forms a swing low which signals a new daily cycle.
In both cases, we will need to see some bullish follow through to the declining trend line break to confirm a new daily cycle.