Gold has been crawling along the 200 day MA for most of the past month. Crawls along the moving average are usually continuation patterns, which would mean an expectation of a bearish break lower for gold.
Thursday was day 14 for the daily gold cycle. Gold managed to regain the 10 day MA last Tuesday and has continued to close above it since. I believe a close below the 10 day MA will signal gold’s final decline into its daily cycle low. The Joker the Deck is the dollar.
The dollar is overdue for a daily cycle decline. The gold rallied the previous two times that the dollar. If the dollar continues to rally then surely gold will roll over into a final daily cycle decline. But if the dollar closes below the 10 day MA, that would signal that the dollar has finally begun its daily cycle decline — which then should send gold higher.