We received a few bullish signals for the precious metals today.
Both the gold RTF – GLD and the Miners formed a swing low today.
Both are in their timing bands to print a daily cycle low which gives this swing low goods odds of marking the daily cycle low. I think it will come down to what the dollar does.
After peaking on day 8 the dollar was rejected by the 50 day MA on day 9, formed a swing high and began its daily cycle decline. Today was day 14 for the dollar’s daily cycle and the dollar found some support at the 200 day MA. We could see a bounce here that tags the declining trend line. But with the dollar on week 18 of a failed intermediate cycle, the way for the dollar should be lower. We should see the dollar break below the previous daily cycle low 92.52 as if seeks out its intermediate cycle low.