Gold’s daily cycle peaked on day 9 and with today being day 21, gold has locked in a left translated cycle formation giving this daily cycle a bearish tenor.
Gold also delivered 2 more bearish signals today. Gold lost the 50 day MA and also closed below the lower daily cycle band. However gold is in its timing band to print a daily cycle low. As long as gold forms a lower above the previous daily cycle low of 1103.80 gold will maintain a pattern of higher highs and higher lows.
And there is something that I am also watching on the weekly chart.
Since emerging from its intermediate low in July, gold has been trending higher and finding support along the intermediate trend line. If gold can form a daily cycle low above the 1124 level then the intermediate trend line will remain intact meaning that gold would still be trending higher.