Intermediate Opportunity

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Gold formed a lower low on Tuesday.

3 gld daily

This has eased the parameters for forming a swing low.

4 gld daily

Tuesday was day 27 for the daily gold cycle. A break above 1094.80 forms a swing low. And with gold deep in its timing band to print a daily cycle low, a swing low will likely mark the daily cycle low.

5 gld weekly

There also the possibility that gold could print a shortened intermediate cycle low. This is week 16 for the intermediate gold cycle. Gold has marginally brook below the week 15 low, easing the parameters to form a weekly cycle low. Gold is 2 weeks shy of entering its timing band for an intermediate cycle low. But the Miners have resisted printing a failed daily cycle. This sets up the possibility of the Miners leading gold out of its intermediate cycle low.

gdx

Gold printed a failed daily cycle. The daily Miner cycle has not failed. After peaking on day 11, the Miners printed its lowest point deep in its timing band on day 28. Now a break above 13.84 forms a daily swing low. The Miners are also well above the September intermediate low. So a swing low forms a higher low and locks in a bullish divergence over gold.

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