The dollar broke out to a new high on Tuesday.
Tuesday was day 8 for the daily dollar cycle. The dollar will need to break lower soon if it is going to form as a left translated daily cycle, which is what our intermediate framework calls for. Despite the dollar breaking out to new highs on Tuesday there were some bullish signs with precious metals.
First off — gold. The rallying dollar has been sending gold lower. While gold did close lower on Tuesday, it did not break print a lower low. And gold began to recover into the end of the day. We are still waiting on gold to form its daily cycle low. A break above 1146.00 forms a swing low. Then a close above the declining 10 day MA will signal a new daily cycle.
The Miners also delivered a bullish sign on Tuesday.
The Miners did print a lower low on Tuesday. But reversed and printed a bullish candle. This eases the parameters for forming a swing low. A break above 19.17 will form a daily swing low to signal the new daily cycle.
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