Gold Cycle Anomaly & USD Cycles / Commodities / Gold and Silver 2018
Gold update: While I don’t care much for Cycle anomalies (i.e. short of long cycle), I am not going to fight them. Therefore, I am very bullish on Gold given the short ICL that has been left behind but the yellow metal has disappointed before so we still need to be cautious until the next resistance between 1360-1377 is taken out. The next week or 2 are critical, IMO and Gold needs to show some bullish follow through. My first 5+ year Weekly clearly shows that Gold has been forming a 5 year Inverse Head & Shoulders pattern and should explode higher once the over head resistance I have mentioned is taken out.
I still have some concerns regarding both Silver and the Miners (GDX), but if Gold is really ready to break out, they should follow.
Added: This weeks COT reports on Gold & Silver look good this week as well, particularly for Silver.
https://www.tradingster.com/cot/futures/disagg/088691
https://www.tradingster.com/cot/futures/disagg/084691
USD update: The USD is in serious trouble, if my short term Trading Cycle count is correct. This is because I show a failed Trading Cycle very, very early in a new Intermediate Cycle. I do have an alternate count at day 24 so I am looking for further confirmation next week. My second chart is a 10 Year Weekly showing that the 66wema has crossed over the 200wma which is Bearish for the USD, IMO.
Added: See link below for my longer term view on the USD which has not changed since this post.
https://surfcity.co/2018/03/04/usd-trading-cycle-update-11/
By Surf City
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