Gold printed a new daily cycle high on Monday, which was day 21.
The new high that gold printed on Monday, day 21, locks in a right translated formation to this daily cycle. However, 21 days places gold in its timing band to seek out a daily cycle low. And …
… evidence is beginning to pile up that gold has started its daily cycle decline.
While Monday did print a higher high, gold closed lower on the day. Tuesday saw gold form a daily swing high. This is accompanied with a bearish crossover on the True Strength Indicator. Gold also closed below the upper daily cycle band, which is another signal that gold have begun its daily cycle decline. Now we await for a break of the daily cycle trend line to provide final confirmation of gold’s daily cycle decline. And once gold breaks below the daily cycle trend line, we can begun to hunt for the daily cycle low.