Key swing cycles appear to have gotten in gear for gold, giving it a short window of opportunity.
Gold still needs to clear resistance for a clear signal that it is headed higher over the intermediate term. Here’s the level you need to watch, and projections if surpassed.
Gold needs to clear 1265 for a clear signal that it has broken out of its 13 week cycle sideways down phase. If that happens then there are a couple of obvious, higher targets.
Gold bounced where it had to, to stave off a more significant decline, but so far only short term cycles have turned up.
After the 13 week cycle up phase failed early, gold, as well as the mining stocks, now face critical support levels. But I took a risk and picked a few longs among the miners, with tight stops of course.
The 13 week cycle up phase appears to have failed early but a second wind looks likely.
The 13 week cycle is still in an up phase but in danger of truncation. That has implications for the big picture.
Short term cycles got in gear to the upside and the 13 week cycle up phase strengthened last week.
Short term cycle down phases are holding sideways. That normally has bullish implications. But there’s a “but” in this case.
The rally in gold stalled last week as short term cycles entered down phases. Is that reason for concern?