Gold printed a failed daily cycle today.
Gold is deep in its timing band to print a daily cycle low. Today gold broke below the previous daily cycle low of 1103.80 forming a failed daily cycle. The Miners, which usually lead gold lower, have held up well despite the sell off in gold.
Like gold, the Miners are deep in their timing band for a daily cycle low. Unlike gold, the Miners have good odds of printing a higher daily cycle low. And if they do, they would be diverging bullishly from gold. Which is a signal of an intermediate low for gold.
The break of the weekly trend line confirms the intermediate decline. With the Miners diverging bullishly from gold, the possiblity exists that gold could print an early intermediate low. With gold being deep in its timing band for a daily cycle low, a break above 1111.30 forms a swing low and probably the daily cycle low. And possibly an intermediate cycle low as well.