GOLDHello & welcome to this analysis
GOLD after a super duper move from AUG - OCT followed by a sharp decline now appears to be consolidating within a triangle.
Currently appears to be in leg D which should be followed by leg E to complete the contracting triangle squeeze and from thereon the resumption of uptrend.
For those new to patterns - triangles are time wise correction that see less price retracement within a longer duration of time. The current triangle appears to be a contracting one.
Leg D could end near 4175 / 125750 approx while leg E could end near 4050 / 122250 approx.
The view would be incorrect if either the current up move goes above 4245 / 127950 without a pullback or the expected retracement goes below 4000 / 121000.
The interesting part here is that GOLD prior to its rally from 3250 was also within a triangle for 4 months. What followed was a parabolic move from a squeeze. Lets see if this one will also give such a move or not.
All the best
