On Sunday Night we discussed gold and how I was suspicious that gold was about to embark on its intermediate cycle decline. Today confirmed my suspicions that gold has begun its intermediate cycle decline.
Gold broke below the previous daily cycle low today to form a failed daily cycle. And a failed daily cycle signals that the intermediate cycle is in decline. With today was day 6 gold still has another 3 to 5 weeks before being in its timing band to print a daily cycle low.
And the dollar rallying out of its daily cycle low helped to send gold into its intermediate cycle decline.
The Dollar closed above the lower daily cycle band confirming that today is day 3 of a new daily cycle. I believe that the dollar has also begun a new intermediate cycle. A close above the upper daily cycle band will confirm a new intermediate cycle for the dollar.