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Gold Finally Forms Bullish Cycle

July 22, 2013
Today's thirty-dollar ramp by gold constitutes the most important rally day for the yellow metal in nearly a year. For the first time since last September, gold has moved its daily cycle peak past Day 13. In other words, we finally have a bullish daily cycle on our hands, confirming the June low as an intermediate-degree low.

As noted in the Member Letter, gold still has obstacles to overcome, including breaking its intermediate downtrend. However, price still sits nearly $300 below the important, 80-week moving average and so could see a rapid snap-back rally as this new intermediate cycle progresses.

 

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