Gold printed its lowest point on Thursday, day 63, which places gold very deep in its timing band for a daily cycle low. Even though gold has formed a swing low on Friday, we still lack confirmation that Thursday marked the DCL.
Gold did break above the 10 day MA on Tuesday, but did not close above it. Gold needs to close above the 10 day MA and break above the declining trend line in order to confirm a new daily cycle. So while gold was close, still no cigar.
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