Gold Cycle Summary: My Bearish Gold count is in play and I am looking lower for a great buying opportunity.
Gold Cycle Update: Gold W.21 of an Intermediate Cycle that has already Failed is my primary count. Gold undercut its mid-Nov low which many have as an ICL making this just week 11 under that count. W.21 is in the early part of my timing band to find an ICL and I would like to see Gold find support next week between 1735-1700 and deliver a strong reversal but the market will decide that not me.
Gold D.22 of a Failed Trading Cycle seeking out its next short-term TCL.
GDX W.16 of a Failed Intermediate Cycle is now my primary count. If correct, it is Bearish because of a top in just Week 1 as Early Cycle Tops lead to market drops. GDX D.16 in a Failed Trading Cycle is Primary.
Silver W.11 is outperforming Gold but if it has formed a Double Top, the 20-19 level will likely be tested.
Silver D.122 is the most Bullish chart but Gold is the Cycle Driver for the PM Complex. More details in my chart.
USD Cycle update: USD W.6 of a new Intermediate Cycle which will likely lead Gold & PM’s lower into their next ICL. Price struggled to find support at the 10wma after forming a weekly swing high the week before.
USD D.3 of Trading Cycle #2 is likely but price also looks like it may want to form an undercut low so early next week is important.