Gold has signaled a failed daily cycle. It should now be starting a completely natural move down into an intermediate cycle low over the next 5-6 weeks. I expect the move will be tortuous and difficult for both bulls and bears. Gold is now in a new bull market. Don’t expect the declines to behave the same way they did during the bear market. I doubt it’s going to be easy money on the short side as it has been in the past.
Our subscribers exited all metals positions last week near gold’s daily cycle top and will not get caught in the impending correction. A failed daily cycle is a cycle in which price moves below the low price of the cycle’s first day. Almost without exception a failed daily cycle leads price to continue making lower lows in the days that follow.