As expected, gold has formed an interim bottom near the 1409.90 level in line with the half-cycle frequency of 6.8 days (.5 harmonic), albeit almost a day later than anticipated. Given strong volume on an uptick testing this level, our point of reversal has been confirmed.
The next 6.8 day cycle ends on Thursday the 17th of March, and should yield new highs on or before this date.
Previous week posting:
The daily gold cycle averages 13.6 days. A cycle inversion is often the precursor to a significant upward move, following a retest of band support (~1400-1410).
The next two pivots should be half-cycles in accordance with the cyclical inversion, and thus the decline to 1400-1410 should bottom 6.8 days from the previous local high that occurred on March 2nd. Therefore, the low should arrive Wednesday or Thursday next week (the 9th or 10th), with a retest of 1440 the following week mid-week.