Gold - Daily cycle top ( Daily chart)

Friday gold was close to print a key reversal on the daily chart. It was day 41 in the current daily cycle. Day 41 is quite late in gold's daily cycle as a normal cycle 41-46 days long.
We can easily find daily cycles on the gold chart where gold printed a DCL
around day 40-44...
A usual daily cycle decline lasts for 5-7 days so if I'm right gold will print its next DCL before 25.04.2024.
Though there was no key reversal it's still a reversal candle, and today the news pushed up gold price to the 38,2% Fibonacci retracement at 2371.

At the daily cycle low the 6 day RSI will reach oversold, and MACD will cross over..
Gold will probably tag the 50 SMA and back test the breakout at 2200.

Comentário:

Red daily candle will be printed today. 50 EMA is the next stop.

Comentário:

The flag broke down finally.

Few more days into the DCL.

Comentário:

I’m still sure the 50EMA will be tagged before the DCL and maybe we can drop
and touch the white trendline.
The DCL will be printed sometimes next week