Today’s move by Gold, but more importantly the Miners (GDX), is very bullish for Gold’s longer term 5-6 month Intermediate Cycle. Gold is on day 20 and GDX has now made a higher high on day 17.
New highs this late in the first Trading Cycle out of the Yearly Cycle Low ensures that both Gold and the Miners will have a Right Translated cycle where both should make a higher low than their previous Trading Cycle (i.e. the YCL in Dec).
That said, I am still expecting the current Gold cycle to find a top soon but this action is bullish. The more Time a cycle spends going up, the less Time it has for price to move down. The USD should also be very close to finding a short term Trading Cycle low but its longer term Intermediate Cycle has very likely topped.
Previous Post where I was looking for a final pop in the Miners:
Bonds (TLT) have made a bullish move out of their Yearly Cycle Low. My chart shows we are on day 20 with a top on day 19. Bond Trading Cycles average 18-24 days Low to Low.
Previous Bond posts:
I have Gold on day 18 with a new high and nothing is broken just yet from a cycle trend line perspective other than the Miners (GDX) topping a bit early (so far). Still a top for gold on day 18-21 is about what one would expect after a brutal … Continue reading →
Added: A second chart at the close showing price is now back above my Blue IC Uptrend. So this is either an early warning or an FBO. A clear mini wedge has now formed. A close above my Red line should be bullish and a close back below my Blue … Continue reading →
Added: A second chart on NatGas after the close. Time for a TC Low is very short here but my chart shows a Fractal where we likely had another short cycle. In any case, the price action looks bullish to me and I picked up a Boil position just before … Continue reading →
Time for a Gold High and a USD Low (short term)? Gold is making Higher High today (Day 18) and the USD a lower low (Day 23) but both are in my timing band to make a short term Turn. I am not saying that their current trend can not … Continue reading →