Gold printed its lowest point last Friday, day 29, following the day 20 peak. While gold formed a swing low on Monday, it did not confirm a new daily cycle until Thursday.
Gold did break higher on Wednesday, gaining over 2% and breaching the declining trend line. Gold delivered bullish follow through on Thursday by breaking higher to close above both the declining trend line and the 50 day MA to confirm the new daily cycle.
Gold began to close below the lower daily cycle band as it was seeking out its daily cycle low. That ended the daily uptrend and began a daily downtrend. Thursday’s rally fell short of breaking above the upper daily cycle band. If gold is turned lower here and closes back below the lower daily cycle band then gold will have established a daily downtrend. But a close above the upper daily cycle band would end the daily downtrend and signal that gold is re-establishing its daily uptrend.