Gold closed slightly lower last week, rebounding from large early losses to hold near recent all-time highs of the secular bull market. However, the retracement caused both cycle analysis price oscillators to experience bearish crossovers, creating an intermediate-term cycle high setup. It the cycle high setup is confirmed this week, a cycle high signal would be generated, indicating that a Half Cycle High (NYSE:HCH) likely formed last week.
It is important to note that the secular bull market remains healthy and the confirmed formation of an intermediate-term cycle high would not necessarily suggest the initiation of a long-term correction. We will continue to monitor market behavior closely and identify the key developments as they occur in our daily commentary available to subscribers.
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