Cycle Trading: Gold concerns
There are some concerns developing with gold.
Thursday was day 23 for the daily gold cycle. That places gold in the early part of its timing band for a daily cycle low. There are bearish divergences developing on the oscillators and gold also formed a swing high. The timing band, bearish divergence and the swing high are all concerns that gold is rolling over into a daily cycle decline.
But while gold did form a swing high on Thursday, it did so to back test the 1800 breakout level. Gold is currently in a daily uptrend. So unless gold closes either below the daily cycle trend line or below the 1800 breakout level gold will remain in its daily uptrend.
Reprinted from FXStreet，the copyright all reserved by the original author.
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