GOLD CRAWL

I’m assuming that gold’s latest cycle low was the mild pullback on June 2. If that’s the case then gold is now in a left translated daily cycle that topped in only two days. It’s also starting to form a crawling pattern along the 50 DMA.

Crawling patterns are usually continuation patterns and when they break down they tend to move aggressively down to the 200 day moving average.

Considering that gold is now 20 weeks into it’s intermediate cycle, has formed a weekly swing high, and the extreme weakness in the mining sector, I think the odds are high the crawl is going to break down soon and the aggressive part of the intermediate degree correction will begin.