PRE-SUMMARY
Gold formed a swing low after printing a low on day 41 deep in its timing band. Reclaiming the 10 day MA and 50 day MA would support a DCL.
Gold continues finding support near the 4500 level. Gold printed its lowest point on Wednesday. While Wednesday could still be interpreted as day 12 of a failed daily cycle, the bullish divergence on the oscillators continues to support the view that Wednesday marked day 41 of a stretched daily cycle.
Gold formed a bullish reversal on Wednesday and then followed through by forming a swing low on Thursday. Confirmation will still be needed before labeling day 41 as the DCL. A close above both the 10 day moving average and the 50 day moving average would indicate a continuation of the larger daily uptrend structure and signal a cycle band buy signal.
What is clear is that the 4500 level continues acting as an important support zone while gold attempts to stabilize from deep timing band conditions. However, gold remains contained beneath declining resistance levels and is still currently in a daily downtrend. If gold reclaims both the 10 day moving average and 50 day moving average, then it would strengthen the case that day 41 marked the DCL and that the intermediate cycle low may finally be in place.
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Cycle Alignment:
- Mixed
Cycle Trading 
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