Bearish outlook with a zig zag pattern that is in progress. The wave C indicated that the trending price pattern would be in an impulsive nature.
The correction of an impulsive wave ((2)) of larger degree supported to a level of 0.618 of fib ratio and has came to an end. The next leg could be either (abc) or impulse wave (123).
Gold has completed its wave 4 of its impulse wave. The next leg would be a wave (v) again with impulse characteristics. The moving average have also shown off bullish signal which price just supported the 200ma as a correction. RSI and MACD are also positive on its way.
Running triangle is formed where the wave 4 has ended. The next leg would be impulsive wave 5. The price has to break out from the pattern to form another leg. The bulls have tried to break out couple of times but didn't succeed that squeezed the price to coil a symmetrical triangle.
The price is very symmetrical which can break either way. As far as my analysis says that wave 2 has come to an end and it will broke out from the symmetrical pattern which will continue its way to wave 3- The next target? If you go to a smaller time frame, then you can see nice doji pattern which can reverse the market to the upside. Other scenario Bearish...