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 for another day or so but Time, from a short term Trading Cycle viewpoint, should start to take hold of Price
Not a place to be adding PM positions, IMO (see my second chart in attached link)
Longer term, the USD may have found an Intermediate Cycle top. If correct, it should make a lower high after finding its next TC Low (DCL) and roll over on or before day 8 and start its move into its next Intermediate Cycle Low.
My close up chart work shows the USD is on day 19, which is the early part of my timing band to find short term Trading Cycle Low. Friday’s price action shows the USD backtesting its breakdown below the 10ema and my Blue Cycle uptrend line. A close above the 10ema will likely signal the TC Low is in.
That said, the USD is also in my timing band to find an Intermediate Cycle Peak. If I am correct on the USD’s longer IC, then we should expect Price to top out on or before day 8 of the next Trading Cycle and then make a lower TC low which would also signal that he longer Intermediate Cycle has topped.
Previous USD Posts:
The USD’s longer term 5-6 month Intermediate Cycle (IC) is a bit of a mystery to me here. Early May was clearly the USD’s Yearly Cycle Low but that was over 8 months ago so it is very likely that there was another IC Low in either mid August or early … Continue reading →
I have the USD on day 12 with a Trading Cycle high on day 8 so far. While it has broken my TC Uptrend line, it has also found support at the 10ema. A close below the 10ema on the USD at 102.65 may lead to a failed, left translated Trading … Continue reading →
I have the USD on Day 10 wedging to a decision point. So far it has found a high on day 8 and breached my green Trading Cycle uptrend on day 10. Sometimes breaches are a way of foreshadowing what may happen next but if the USD is going to … Continue reading →
Most assets find an Intermediate Cycle Low every 5-6 months but the USD, out of the May 3 Year Cycle Low is either in one long Intermediate Cycle or perhaps it found an IC Low on the night of the US Election at just over 6 months. My first two charts … Continue reading →