Gold broke below the previous daily cycle low on Wednesday to form a failed daily cycle, which signals that gold has started its intermediate decline.
Wednesday was day 29 which places gold late in its timing band for a daily cycle low. A swing low has good odds of forming the daily cycle low. And with gold only on week 13 of its intermediate cycle that means that there is still plenty of time for gold to form 1 more failed daily cycle.
However the dollar is the Joker in the deck that could change things for gold.
The dollar printed a new high on Wednesday. A new high on day 9 begins to shift the odds towards a right translated cycle formation. But if the dollar can form a swing high and lose the 50 day MA, then it is still possible for a failed daily cycle to form — which would be bullish for gold.