Short term cycles are trying to turn up as gold continues to battle resistance at the top of a potential major bottoming pattern.
A 4 week cycle low is a little overdue but other cycles are in consolidation.
I won’t pretend to understand why traders would dump gold on a so-so, but better than expected jobs report. The fact is that this is just slot racing within a narrow range, signifying nothing. Meanwhile, the projection ranges on 13 week and 10-12 month cycles have widened.
Some intermediate projections have dropped, giving reason for caution.
Some longer term indicators are firming as gold attempts to chew through a major resistance level.
A resistance line convergence at 1350 has held for now.
Gold has stretched to reach a higher high, with some projections suggesting higher levels ahead but potential for consolidation first.
Gold reached its 13 week and 4 month cycle projections and measured move target.
Signs of a 13 week cycle peak continue to build. But that may not be a bad thing.
Signs of an intermediate cycle high in gold are building.