Cycle trading: Gold prints A bearish reversal
|Gold printed a bearish reversal on Tuesday.
Gold broke above the previous daily cycle high on Tuesday, forming a higher high. That helps to confirm that March 15 was an intermediate cycle low. That gives us the expectation for this daily cycle to form as a right translated daily cycle. And a new high on day 16 begins to shift the odds towards a right translated daily cycle formation. However, gold closed below the 1700 resistance level. If gold forms a swing high and breaks below the daily cycle trend line that will signal that gold has begun its daily cycle decline. A break below 1674.50 will form a daily swing high.
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