Gold is now 6 months from its Bear Market low in early Dec 2015 and it sure looks to me like it is seeking out a 5-6 month Intermediate Cycle Low (ICL) here. I had thought that we might have had a rare consolidation ICL in early April but this was early in the timing band and wrong. At 6 months, however, we have broken the IC uptrend line and are now testing the 150ema on the daily (30ema on the weekly) and have also had a 38% Fib retrace.

Gold’s shorter term Trading Cycle has also failed here. This is another requirement for an IC Low and at day 25 we are in the heart of my timing band to find both a TC Low (23-29 days on average) and perhaps and IC Low as well. ICLs can be tricky as we could get one more failed Trading Cycle here into July but that is not my expectation. Much depends on the USD on how the next month or two plays out.

My first chart shows the two current Intermediate Cycle trend lines, the 150em and the Fib levels. My second chart is an updated perspective on my longer term expectations should the 150ema continue to confirm the resumption of the Bull by providing support at IC Lows.

Screenshot 2016-05-28 09.04.18 Screenshot 2016-05-28 09.17.21

My last two charts are Fractals of Gold’s move out of the 2009 and 2001 bottoms respectively. I prefer the 2009 Fractal as it was 7 years ago and 7 is a VERY important Gann number. 😉

Screenshot 2016-05-28 09.38.07 Screenshot 2016-05-28 09.32.55