There are some concerns developing with gold.
Thursday was day 23 for the daily gold cycle. That places gold in the early part of its timing band for a daily cycle low. There are bearish divergences developing on the oscillators and gold also formed a swing high. The timing band, bearish divergence and the swing high are all concerns that gold is rolling over into a daily cycle decline.
But while gold did form a swing high on Thursday, it did so to back test the 1800 breakout level. Gold is currently in a daily uptrend. So unless gold closes either below the daily cycle trend line or below the 1800 breakout level gold will remain in its daily uptrend.
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