Gold broke below the previous daily cycle low on Thursday. Breaking below the previous daily cycle low forms a failed daily cycle and extends the intermediate cycle decline.
Gold rallied into the close on Thursday, forming a bullish reversal. Thursday was only day 14, which is early for gold to form a DCL. However, gold maybe sniffing out that the dollar has begun its intermediate cycle decline and bottomed early (which I plan to discuss in the weekend report). A swing low and close above the 10 day MA will will signal the DCL. We will use a close above the 50 day MA to label day 14 as the DCL.
Cycle Trading 
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