The dollar’s daily cycle peaked on day 8, formed a swing high, and began its daily cycle decline. With the Fed announcement of no rate hike, the dollar went lower some more. Today was day 17 and with the dollar breaking lower, it is headed into its final daily cycle decline.
The dollar is also on week 18 of a failed intermediate cycle. The current weekly cycle already has failed. And with the current daily cycle having rolled over by day 8, the dollar is set up to print another failed daily cycle. Which will cause the dollar break below the previous daily cycle low of 92.52.
And the declining dollar continues to give gold a lift.
Today was day 4 and gold closed above the 50 day MA in a clear and convincing manner. With the prospect of the dollar dropping more should see gold close above the upper daily cycle band indicating a new daily uptrend.