persianking
Short

is it sign of short?

FX:XAUUSD   Gold Spot / U.S. Dollar
forming a triangle after main downtrend. its time to break the triangle. if it breaks 1190 then waiting to see the lowest price of this year..............
FED has just hiked rates (negative for the precious metal) and FOMC minute is due for release around 17th or 18th October (exactly where the arrows were drawn dawn by the Author). This looks like a corrective wave (horizontal) in a bear market (contracting or symmetrical triangle ABCDE). If price moves that way a nice target may be 1147 as endorsed by Lara Iriarte in this interesting analysis (https://www.youtube.com/watch?v=EZ3SlhwAnPE). Thank you for sharing.
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looks like wycoff accumulation
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Ascending triangles can be reversal signals at the bottom of a decline, and this is one of the steepest declines at the end of a decade bull run with bond yields heading higher and international tensions and gold buy ups increasing in frequency. Gold will not drop lower for long
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