Slow Out of the Gate

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The daily gold cycle peaked on day 21. Gold went on to print its lowest point last Friday.

gld

Four out of the past five daily cycles ran 30 plus days. Friday was day 34 placing gold deep in its timing band to print a daily cycle low. While we are still waiting on a swing low to form here a swing low did form on the gold ETF GLD yesterday.

I think that there is a good chance that Friday was the daily cycle low. Notice how it took the last daily cycle 9 days before gold delivered a clear and convincing break above the 10 day MA. Gold appears be be slow out of the gate again. But gold is in the process of forming a higher low, which is bullish. And it will give us the expectation of the next daily cycle printing a higher daily cycle high.

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