Loading ...USD and Gold Cycle update
The USD broke below my Green Trading Cycle (TC) uptrend line on day 14. Unless this is a head-fake, we should expect that is is the start of its move into a TC Low (18-24 days low to low on average). It has also moved back inside my Blue down trend fork but it may be that the Red Channel I have also drawn is really the vehicle that is controlling Price.
Meanwhile Gold broke to the upside of its pendant formation early in the day. I believe that Gold is now on day 12 of Trading Cycle 3 out of the Dec 2015 IC Low. I believe the two day drop after the previous High in mid Feb was the TC2 Low. This TC High/Low combo formed the base of the Pendant and now Gold has made a new closing High which should be very bullish, especially if the USD is starting its move into its TC low here.
I loaded the boat on UGLD and the Rambus JNUG trade on the Breakout (in addition to my holding my Spock Miner base). BooYa!!!
My last chart is a repeat from an older post to keep the current move in perspective of where I think we are in terms of the longer trend from 2000 (text inside the chart should say “classic breakout from a Bull Flag”).
