It seems that #gold hasn’t capitulated or found aggressive buyers so far. I’m expecting the downtrend to resume, but eventually after a retest of the $1230-1235 area.
We have changed our short term interpretation of the action developing in Gold. Our primary hypothesis is that the ongoing congestion since October is going to take the shape a Symmetrical Continuation Triangle. Once resolved this Triangle should launch the move to Gold long term objective price ($1009.4). The medium term outlook for Gold doesn’t change much since the target remains much lower than current prices. But the Symmetrical Triangle interpretation suggests a small bounce from current price levels up to around $1230-1240 (to hit the upper trendline the triangle).