Uptrend

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Gold printed a huge bullish reversal on 10/02 that broke above the declining cycle trend line. The swing low that formed the next day signaled that day 15 marked an early daily cycle low.

gld

Gold closed above the upper daily cycle band on day 3 and then has done so for the prior 3 trading days. This is characteristic of a daily uptrend. Gold will remain in a daily uptrend as long as it continues to close above the lower daily cycle band.

The Miners are also in a daily uptrend.

gdx

Tuesday was day 9 for the daily Miner cycle. While the Miners continue to close above the upper daily cycle band indicating a daily uptrend, the huge bearish reversal on Monday is concerning.

gdx

Drilling down to the 30 minute chart we can see that prior to Monday the Miners were in an uptrend by closing above the upper 30 minute cycle band and remaining above the lower 30 minute cycle band. Then after Monday, that has changed. Notice how the Miners are remaining below the upper 30 minute upper cycle band and beginning to close below the lower 30 minute cycle band.

What I am watching here is to see if the Miners fill the gap at 15.18. A gap fill at 15.18 would allow the 10 MA to catch up and still allow the Miners to remain in a daily uptrend.

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