Gold Delivered A Bearish Surprise

Gold broke convincingly above the declining trend line on Monday and to make it appeare that November 30th was the ICL and that gold was now beginning a daily uptrend.

Then gold was attacked at the 1962 resistance level on Wednesday and again on Friday. This caused gold to slice through the 10 day MA and the 50 day MA to close below the 200 day MA. Gold also closed below the lower daily cycle band which ends its daily uptrend and begins a daily downtrend.

This was a bearish surprise. I have no doubt this was manipulation. But the reason why this attack was so successful may lie with the dollar.

The dollar printed its lowest point on Wednesday, day 52. That places it very deep in its timing band for a DCL.The dollar formed a swing low on Thursday and then a closed above the 10 day MA to signal the new daily cycle.

In my special report Gold v Dollar I will look at what is going on with the dollar. We will discuss the possibility that the dollar has not only formed a DCL but a yearly cycle low as well. And if so, that would spell trouble for precious metals.

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One response to “Gold Delivered A Bearish Surprise”

Alex

January 10, 2021

yeap, look at the chart of UJ: it is ripe for a new I, maybe on day 2 of a fresh IC. The COT report of Yen is also as bearish as it can be! The advance of UJ in a new IC may imply gold falling to YCL into early March.
If so, then there is no manipulation but merely PM complex being dragged into a natural YC closure by Yen’s fall.

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