The Miners possibly printed their daily cycle low on Thursday.
The Miners daily cycles have run 16, 22, 22, 19, and 22 days respectively since emerging from its bear market low in January. Thursday was day 23 for the daily Miner cycle, which places the Miners in their timing band for a daily cycle low. A swing low has good odds of forming the daily cycle low. A break above 27.86 will form a swing low.
Gold is also in its timing band for a daily cycle low.
While the Miners have already formed a failed daily cycle, gold has not. As long as gold forms its daily cycle low above 1310.70 it will avoid forming a failed daily cycle. Since gold drives the precious metals market, if gold breaks higher it should drag the Miners right along with it. Thursday was day 25 for the daily gold cycle. A swing low and a break above the declining trend line will confirm a new daily cycle. And a close above the upper daily cycle band will signal a continuation of gold’s daily uptrend.