In the Weekend Report we looked at the daily dollar cycle.
We discussed that we are likely seeing just an oversold bounce.
This bounce should be contained by the declining cycle trend line.
It appears to be unfolding as we discussed …
In the overnight the dollar did manage to set a higher high.
But it was rejected by the declining cycle trend line.
Please notice how the Schaff Trend Cycle never believed that this oversold bounce had legs.
And also notice how RSI turned lower off the trend line…
And gold finally appears to resuming its normal inverse relation with the dollar.
We discussed in the Weekend Report that gold would need to break above 1660 in order to form a swing low.
Gold has done so in the overnight.
While gold can rally in the face of a rising dollar, gold seems to make its best gains as the dollar tanks.
We still need to see gold break above the declining cycle trend line to confirm a new daily cycle.
Once gold does so, it should also mean a new intermediate cycle has commenced.
Cycle Trading 
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