Cycle Trading

Tuesday saw the dollar print a higher high and negate the swing low formed earlier.

The dollar was 10 cents away from making a new yearly high.
The dollar is three days away from entering its timing band to seek out a low.
Any break above the 6/01 high will likely not hold for long since the dollar is due to decline into a daily cycle low.

This morning gold looked like it was taking a step in the right direction.
Now it looks like it took two steps backwards.

Gold was firmly rejected by the 1600 level today.
Gold still is holding above the recent daily cycle low.
The yellow metal will to need to break higher or risk printing a failed daily cycle.

Gold is on week 8 if the weekly cycle.

A failed daily cycle would imply the intermediate cycle in decline for another 8 to 12 weeks.

It all comes down to what the dollar has stored up its sleeve …