for a quite long period of time, I have not shared with you my thoughts on gold .
the things are very simple:
we saw a massive expansion at the end of December and expansion always leads to contraction.
from 8th of January, the market has started a correction cycle and it looks like we are forming a classic market pattern:
it is symmetrical because the market respects the same 0.786 fib level with the descending boundaries.
with that in mind, the consolidation may proceed and we can expect a reaction from 1580 - 1585 area.
we will keep following gold within the triangle and wait for an occasional breakout to the upside or to the downside
as a clue for understanding the further steps of the market.
please, like the idea and leave a comment! thank you