Gold Got Hammered

Gold got hammered overnight

Gold dropped 90 points to break below the previous daily cycle low on Monday. Breaking below the previous daily cycle low forms a failed daily cycle which extends the intermediate cycle decline. This could kick off a 5 – 7 bloodbath day phase to print the ICL.

However, gold is in its timing band for both a daily and weekly cycle low. A swing low would signal a new daily cycle and quite possibly the ICl. A break above 1765.70 will form a daily swing low. For those with a higher risk tolerance can use a close above the previous DCL of 1750.10 as a buy signal.

2 thoughts on “Gold Got Hammered

  1. EURUSD has yet to drop below the March low while being early in it current DC – day 13 only –> this implies further $$$ $trength which…should extend the YC of gold to further lows.

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