Gold Trend Line Resistance

Gold closed above the upper daily cycle band on Thursday.

Closing above the upper daily cycle band ends the daily downtrend and begins a new daily uptrend. It also signals that the intermediate cycle low has been set.

However, gold ran into trend line resistance on Monday.

Gold needs to break above the declining intermediate trend line in order to confirm that November 30 th was the ICL. And since gold is in a daily uptrend, if gold can form a swing low above the lower daily cycle band then gold would remain in its daily uptrend and trigger a cycle band buy signal.

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