Cycle Trading

That was the intra-month high for June.

We have been watching that number.

Sure, gold has delivered right translated daily cycles and daily cycle trend line breaks,

But 1423.60 is BIG.

A break above 1423.60 forms a monthly swing low.

The Last time gold formed a monthly swing low was last year and that signaled a new yearly cycle. June was month 13 for the yearly gold cycle. It is in the timing band for a yearly cycle low. Once gold breaks above 1423.60 and forms a monthly swing low, that all but guarantees gold is in a new yearly cycle. The only thing left after a monthly swing low is formed is a break of the declining monthly trend line.

Once that happens, that provides the follow through to establish a new bullish trend.