Dollar Delivers Bullish Signal

0

The dollar closed above the 200 day MA on Monday.

$ daily

The dollar has been caught in a range for the past 9 trading days. Regaining the 200 day MA on Monday delivers a bullish signal. Since Monday was day 11 for the dollar’s daily cycle, a break above the day 2 high of 96.87 shifts the likelihood towards a right translated daily cycle formation.

Gold appears to be reacting to the dollar’s bullish signal.

gld

The BREXIT has helped to obscure gold’s daily cycle count. Monday could be day 11, but I am becoming more convinced that it is day 28. The bearish divergence developing on the TSI along with the bearish TSI crossover signals a correction is imminent. A close below the upper daily cycle band should send gold seeking out its daily cycle low. Gold should break below the cycle trend line in order to complete its daily cycle decline.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s