Gold dropped 1.79% on Thursday to break below the week 22 low.
This is good news for gold.
It has been 5 weeks since gold printed its week 22 low. Gold has not convincingly confirmed that week 22 was the intermediate cycle low. So by breaking below the week 22 low extends the intermediate cycle decline. Which means that once gold prints it’s daily cycle low, it will quite likely be the intermediate cycle low. So instead of wasting 5 weeks of going nowhere, once the DCL forms, that will give gold a fresh set of “downs”.