The dollar breached the 50 day MA and the upper daily cycle band on Wednesday providing confirmation of a new daily cycle. Today’s action of the dollar forming a swing high signals that the dollar’s daily cycle may have already topped.
The dollar’s swing high closed below both the upper daily cycle band and the 50 day MA. This is a signal that the dollar’s daily cycle topped on day 3. Gold certainly reacted as if the dollar’s daily cycle has topped.
Gold’s reaction to the dollar forming a swing high was to close in a clear and convincing manner above the upper daily cycle band. This confirms that gold is in a daily uptrend and we should see gold go on to break above the previous daily cycle high of 1169.80.
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