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Gold is, what, like 18 days into a DC and stuck right below the 50 DMA? And commodities in general are not looking terribly strong. I can see that gold just put in a right-translated DC last time and is probably making one this time, and I can accept that we are starting a new DC and IC, which should all be bullish. But gold is guilty until proven innocent after the last few years. I’ll maybe start buying it when it shows me a successful backtest of the 50 DMA. We don’t even have a successful break of the 50 yet, and we are burning days in this DC.
Day 14. If gold makes a higher high next week it will confirm a right translated daily cycle. That almost always means the larger intermediate cycle is now advancing.
all these theories seem to revolve around the USD putting in a top. What are you main reasons for this assumption?
See the new post.