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:
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).
I have Gold on day 14 and GDX on day 11 on the first short term Trading or Daily Cycle out of their Yearly Cycle Low (YCL). From a cycle perspective, I would like to see one more push higher next week before they move into their TC Low or … Continue reading →
My charts show that Gold is on day 12 of a new Trading Cycle with the Miners on day 9. The Miners are showing signs that the Yearly Cycle Low may well be in. If so, we should rally for at least another month based on previous YCL patterns. Three … Continue reading →
Here are some HUI and HUI:Gold ratio charts to close out the year. Happy New Years to all. 😉 HUI:GOLD ratio charts: … Continue reading →
Gold and the Miners (GDX) are in my timing band to find a short term Trading Cycle low here. The larger question is will this also be the longer Yearly Cycle Low as well. We are in the timing band for a YCL as well (the last 3 YCLs for … Continue reading →