On Tuesday we observed that gold was breaking out above the upper stem of the triangle consolidation.
That picture has changed.
This morning we can see that gold has reversed and is back in the triangle consolidation. So instead of labeling day 17 as a DCL it looks as if the daily cycle is extending to make Thursday – day 22 for gold’s daily cycle. Gold should go on to break below the day 17 low as it declines into its DCL. Barring any Fed intervention with the dollar, gold should decline for at least another 5 to 7 days before printing its DCL.
Cycle Trading 
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