Gold Breaks Through Resistance

Gold broke through a key resistance level on Thursday.

After peaking on day 11, gold formed a swing high and then was contained by the 10 day MA — until Thursday. On Thursday gold opened above the 10 day MA and went on to close above both the 200 day MA and the 50 day MA. This established a new high on day 21, which shifts the odds towards a right translated daily cycle formation. Gold also 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.

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