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).
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 →
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 →
Happy New Year everyone. As we start 2017, my cycle chart work shows that Gold’s last three Yearly Cycle Lows (YCLs) have taken place in either November or December of 2013, 2014 and 2015. Will history repeat with a YCL in December of 2016? Time will tell. What the chart … Continue reading →
My cycle work shows that Gold is on day 8 of a new Trading Cycle. Gold, Silver and the Miners largely ignored the surge in the USD today. My charts show that the USD made a lower high today preserving the day 8 top in the dollar’s current Trading Cycle. … Continue reading →