Gold and GDX Cycle update

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:

https://surfcity.co/2017/01/12/gold-trading-cycle/

Gold Trading Cycle

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 YCL.

GDX is forming a Bull Flag consolidating its gains and I would like to see it make one more push into a higher high but it needs to do so quickly, IMO.  If the short term Trading Cycle has topped, I would very much like to see the Fib 62% level retrace hold here for both Gold and GDX.  That would seem likely if the normal timing band of 23-29 days holds for this first Trading Cycle out of the Yearly Cycle Low (YCL).