Cycle Trading: Gold Poised for a Daily Cycle Decline
|Gold formed a daily swing high on Tuesday.
Tuesday was day 18 for the daily gold cycle. That places gold in the early part of its timing band for a daily cycle decline. A peak on day 17 indicates a right translated daily cycle formation which aligns with gold being in a daily uptrend. A close below the breakout level would be a clear indication that gold has begun its daily cycle decline. Gold will remain in its daily uptrend long as it forms a swing low above the lower daily cycle band.
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