Gold Short Term Cycle and Implications
Last week, we discussed the 1769, 1762, and 1752 as supports, and 1792-1800 as resistance. All of the mentioned supports were hit one by one following the strong bounce on each number. According to our WhatsApp message from April 28th (Gold short term cycle day), 1762 could be the cycle low. Price reached 1763 and then bounced back to the 1790 region, forming a bullish hammer that was erased on April 29th. April’s closes below 1800 and 1776, these numbers were deciding factors for the next bullish leg in June and July. But, in contrast to our expectations, April was a positive month. Ascending broadening patterns produced a low on our diverged cycle on March 10th at a yearly inflection of 1680, but prices must breach the final number to confirm the lows. The next adventure would be a larger-scale mega bull flag.
Today, we’ll continue our discussion to figure out what would be the Gold’s next move.
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