Gold Market Cycles - 19th January 2023
Gold moves bullishly from the 18 month nominal low around October 2022, putting in a higher low for the first 80 day component. Now, price is due a peak of the 20 and perhaps 40 week component
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Analysis Summary
Gold has been bullish from the last 80 day component low, thought to have occured around mid-late December 2022 and now in the process of peaking, along with the 20 week component. Price is currently at the 18 month FLD resistance according to Sentient Trader and therefore this area is a prime position for a crest of at least 20 week magnitude.
Whether the 18 month nominal low in October was of larger magnitude is now under question, a higher low to come for the 20 week component being a strong sign it was. Certainly the cross target of the 18 month FLD, which will likely occur around this area, depending on the pullback incoming, will point to a test of the peaks. The 18 month component itself is due to peak in May-June this year. A peak later than that will imply a larger component low has occurred with more ce…