Cycle Trading

Gold formed a bullish weekly reversal off support from the rising 50 week MA on week 37.

Gold formed a weekly swing low the previous week. This week gold delivered bullish follow through by closing above the declining 10 week MA so we can label week 37 as the ICL. Gold should now go on to break above the declining trend line as it rallies out of its ICL. Gold is in a weekly downtrend. A close back above the upper weekly cycle band will end the weekly downtrend and begin a new weekly uptrend.