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.