Cycle Trading: Gold concerns

There are some concerns developing with gold.

Thursday was day 23 for the daily gold cycle.  That places gold in the early part of its timing band for a daily cycle low. There are bearish divergences developing on the oscillators and gold also formed a swing high.  The timing band, bearish divergence and the swing high are all concerns that gold is rolling over into a daily cycle decline.

But while gold did form a swing high on Thursday, it did so to back test the 1800 breakout level. Gold is currently in a daily uptrend.  So unless gold closes either below the daily cycle trend line or below the 1800 breakout level gold will remain in its daily uptrend.