Short term gold cycles favor a bounce due to begin in gold

Gold Cycles Short term

The short term cycle window is open until this Friday and it looks like gold is making a short term low here today or tomorrow. We have retested the 1072 bear market low and a short term bounce back towards 1105-1125 should be in order. Odds favor a bounce back to develop from here. The potential for lower prices in December towards 1030-1050 or any close below 1072 will come in play.

Gold short term

It looks like gold is making an attempt to reverse the downtrend here as we have re-tested the July low near 1072. Today’s low at 1073 qualifies as a re-test. From here, odds favor that gold reverses higher into the end of November towards 1105—1112 or 1120-1130. Short term resistance is the blue and red moving averages. We need above 1094 to favor a short term low is in place.