Gold formed a swing low and broke above the declining trend line to confirm today as day 3 of a new daily cycle.
Gold also confirmed today that it just left behind a 34 day, right translated daily cycle. Therefore our cyclical expectation is to see gold break above the previous daily cycle high of 1169.80.
The dollar appears to be ready to cooperate.
The dollar is being squeezed by the 10 day MA & the 200 day MA. The dollar is on week 18 of a weekly cycle that has already failed, therefore we expect a bearish resolution with the dollar breaking lower into its final intermediate cycle decline. And a bearish break for the dollar should be bullish for gold.