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April 27, 2014

Potential Trend Changes for Gold and Cotton

Gold appears to have bounced into a new daily cycle. The yellow metal posted a bullish reversal on Day 16 of its daily cycle... just shy of its normal timing band for a cycle low... and delivered follow-thru strength and a swing low on Friday. More importantly, price pushed solidly above the lower TrendBand on its daily view to confirm the new cycle. Due to the early daily cycle low, I believe gold's action may have opened the door to an important change in tone with the potential to have formed an early weekly cycle low, as well. Such a change would be incredibly bullish for gold, but keep in mind that we still lack confirmation of such a change. Both the daily and weekly charts could offer confirmation as follows: ...

 

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