- Details
SGOL
On monthly chart the cycle is 21 months and gold bottomed in the end of the last year. The bottom of the next monthly cycle is in August of 2024. We still have far to go. The market completed its correction, and it is going higher. Retracement was at 38.2% so far. SQ9 suggested a bottom in July and angles confirm. But there was no new low yet. Can it still make a new low this month? I am not sure. Top is currently on a Gann angle resistance and a correction is possible.
On weekly chart both 21 weeks cycle and 42 week cycle are going down. The bottom is in the week of August 25th. But 84 weeks cycle is up. I doubt that it would drug the market towards new high, but advance continuation is possible. On SQ9 the current bottom was not confirmed. If gold goes down, support is around 17.30.
COT shows that the big traders are expecting advance continuation.
On daily chart cycles are 200, 50, and 25 days and the next bottom is 7/20. 200 days cycle is on decline as is 25 days cycle. 50 days cycle is up. Mixed cycles should gave mixed results. We have a weak advance. Resistance is at 18.50