from Gold Silver Worlds:

Gold reversed this morning after making fresh Daily Cycle highs before moving over $20 to the session lows. Most of the move can be attributed to the dollar’s fairly powerful rally as it confirmed a new DailyCycle of its own. But within the context of this powerful gold Daily Cycle, this remains (to date) just normal gyrations within a sustained uptrend. After all, we’ve seen 13 out of 15 winning sessions and a Cycle rally of $100 from the last Cycle Low. To think anything more of it at this point is to be “over analyzing” the daily chart.

But there is an element of concern now and a reason to be guarded. The Cycle has entered into the early stages for a Daily Cycle Top and therefore a move lower from this point could well signal that the Cycle has topped. But I reiterate, it is a little early for a 2nd Daily Cycle high and from a pricing standpoint, I would expect more upside. This is why I believe gold has more room left to rally higher.

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