Cycle Trading: Miner Outlook
|Gold formed a swing low on Tuesday.
Gold printed its lowest point on Friday, day 30, placing gold in its timing and for a DCL. Tuesday's swing low saw gold close above the 10 day MA, causing it to turn higher to signal that day 30 was the DCL. Due to the proximity of the 50 day MA, we would like to see a close above the declining 50 day MA to confirm the new daily cycle. And if a new daily cycle is confirmed that would mean that gold printed a higher low -- the beginnings of a new uptrend.
The Miners did signal a new uptrend on Tuesday.
The Miners printed their DCL in mid September, which I believe was also the ICL. On Tuesday they closed above the upper daily cycle band. Closing above the upper daily cycle band ends the daily downtrend and indicates a new daily uptrend.
I believe that both gold and the Miners are sniffing out a potential top in the dollar. I plan to cover all of the short term and longer term cycles for the dollar in the Weekend Report.
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