Cycle Trading

Gold broke above the previous daily cycle high last Monday, then proceeded to consolidate above the breakout level — until Monday.

Gold closed convincingly below the below the breakout level on Monday. God also broke below the daily cycle trend line to close below the 10 day MA on Monday. Any bearish follow through will signal the daily cycle decline. Gold is currently in a daily uptrend. Gold will remain in its daily uptrend unless it closes below the lower daily cycle band.