I've been seeing many posts calling for an end to golds upward trajectory, or at least a much heavier pullback. Although a deeper correction is very possible, there is warrant to believe that golds consolidation is nearing an end. If you look closely, gold has re-entered the bullish triangle's apex region after a false breakout. Its currently sitting in an area where there is significant support (200 Ma, 2 parallel trendlines). The rsi has entered oversold territory leading me to believe that any breakdown here would be an overshoot and short lived. Also I would like to add that gold tends to have long consolidations during large bull runs, they tend to cause alot of doubt and dissmissivness in the trend trajectory. A solid breach of this region lends support at 1795, otherwise a break upwards from the apex. Best of luck!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.