The dollar formed a swing high on Thursday.
The dollar ran into resistance at the 200 day MA on Monday as it rallied out of its day 18 daily cycle low and formed a daily swing high on Thursday. A close below the 10 day MA will signal the daily cycle decline. Which should have a bullish effect on gold.
The dollar’s highest point over the past two months printed late November on day 8. But gold began to sniff out the dollar’s top on November 12th where it printed its intermediate cycle low. Thursday’s swing high sets the dollar up for a left translated daily cycle formation and a continuation of its daily downtrend. A close below the 10 day MA should help gold break through the 1520 resistance level.
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