Cycle Trading

Gold printed a bearish reversal on Tuesday.

Gold broke above the previous daily cycle high on Tuesday, forming a higher high. That helps to confirm that March 15 was an intermediate cycle low. That gives us the expectation for this daily cycle to form as a right translated daily cycle. And a new high on day 16 begins to shift the odds towards a right translated daily cycle formation. However, gold closed below the 1700 resistance level. If gold forms a swing high and breaks below the daily cycle trend line that will signal that gold has begun its daily cycle decline. A break below 1674.50 will form a daily swing high.