Gold’s daily cycle was rejected by the 50 day MA on day 7. A swing high followed indicating that gold had entered a daily cycle decline. But the big 25 point gain today formed a bullish reversal and closed at a new cycle high.
Today’s bullish reversal negated the previous swing high and has set the daily cycle trend line. A new closing high on day 11 begins to shift the likelihood that this daily cycle will form as a right translated cycle. And I do not think that it is a coincident that gold rallied on a day were the dollar stumbled.
The dollar’s daily cycle printed a bullish reversal last Thursday and a swing low on Friday, indicating a new daily cycle. The clear and convincing break above the declining trend line on Monday confirmed the new daily cycle.
Wednesday was day 4 for the dollar’s daily cycle. We discussed here last week how the dollar is due to begin an intermediate cycle decline. An intermediate cycle decline requires a failed daily cycle. Failed dollar cycles typically peak on or before day 8. The inside day that printed today could be signaling a change for the dollar. Should the dollar follow through and roll over soon, that would leave 3 to 4 more weeks before a daily cycle low is due.
Cycle Trading 
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