The triangle is still in play. The consolidation is taking the form of a Complex Correction (w-x-y).
Gold can drop to the 1310 area to complete wave "e" of this triangle. As long as we stay above 1300,
this structure is still valid.
Gold and Silver are now sitting on the lower trend line probably to shake some weak hands ...
I am expecting a resolution of this correction in a week or two.
The first sign will be a clear breakout above 1328 and after 1342.
From another perspective, if you look at the blue line on this chart, we can see the momentum strarting to roll over to the upside for gold ...
s21.postimg.org/7syd...fr/XAUUSD_093016.jpg
Gold can drop to the 1310 area to complete wave "e" of this triangle. As long as we stay above 1300,
this structure is still valid.
Gold and Silver are now sitting on the lower trend line probably to shake some weak hands ...
I am expecting a resolution of this correction in a week or two.
The first sign will be a clear breakout above 1328 and after 1342.
From another perspective, if you look at the blue line on this chart, we can see the momentum strarting to roll over to the upside for gold ...
s21.postimg.org/7syd...fr/XAUUSD_093016.jpg
Comment:
s13.postimg.org/kf0a...zr/GLD_093016b_2.jpg
