As gold continues lower it is beginning to look bad for gold. Tuesday was day 23 for gold’s daily cycle and gold dropped over 20 points printing a lower low. Things look bleak for gold which will help to reset sentiment in order to fuel the next daily cycle.
Gold breached the 1360 level today, which has been recent support. Should gold breach the 1340 level that would run many more stops. Keep in mind that as long as gold remains above the previous daily cycle low of 1272.90 then gold remains bullish. Gold will remain in a daily cycle decline until it forms a swing low accompanied by a declining trend line break.
The dollar also appears to be waiting on a trend line break.
Tuesday was day 15 for the daily dollar cycle. The dollar did not do too much today. Of course the dollar could still go higher here. We are waiting on a break of the daily cycle trend line confirms the daily cycle decline.
Cycle Trading 
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