The 5/17/16 Morning Update & Clarification

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In last night’s post I said “Gold needs to break below the previous daily cycle low in order to confirm the intermediate cycle decline. A break below 1258.30 forms the failed daily cycle.”

I think that I was trying to say two things correctly but ended up saying one thing wrong.

gld 2

Two points:
* The day 12 low — 1258.30
* The previous daily cycle low — 1228.50.

Point 1.

I believe that gold is making its final decline into its daily cycle low. A daily cycle low is defined as the lowest point following the cycle peak. Therefore gold will need to break below the day 12 low of 1258.50 to print its daily cycle low.

Point 2.
A failed daily cycle confirms the intermediate cycle decline. Therefore 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.

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