Cycle Trading

Thursday was day 9 for the daily gold cycle. The current daily cycle high on day 4 threatens a left translated daily cycle formation. But tonight I want to look at the weekly chart.
 

This is week 13 for the intermediate gold cycle. Gold has been contained by the 1750 resistance level for 11 weeks. The 10 week MA has flatten and is at risk of turning lower. With each passing week that gold does not break above the 1750 resistance level makes it more likely that the gravitational pull from the pending intermediate cycle low will begin to pull gold lower. A close below the 10 week MA will signal the intermediate cycle decline.

What we need to see is a weekly close above the 1750 resistance level. That will be our buy signal. A weekly close above the 1750 resistance level should result in a trending move. Currently, gold is in a weekly uptrend. Gold will remain in its weekly uptrend unless it closes below the lower weekly cycle band.