The intermediate gold cycle peaked two weeks ago during week 22. Last week gold formed a weekly swing high.
Gold is sitting right on the precipice of the intermediate trend line. A break of the intermediate trend line will confirm that gold’s intermediate decline.
Monday was day 16 for the daily gold cycle. Gold is 2 days shy of entering its timing band for a daily cycle low. A peak on day 6 assures us of a left translated cycle formation. And today’s false break out may signal that gold is ready to make its final decline into its daily cycle low. Gold needs to break below the previous daily cycle low in order to confirm the intermediate cycle decline. A break below 1228.50 forms the failed daily cycle.