Gold breakout of triangle consolidation imminent against $1747

Gold might be close to breaking out of the triangle consolidation since last 4 weeks! The weekly chart is again displayed here for a bigger picture and larger degree probable wave count. First let us review the short term price action since $1747 highs: The drop between $1747 and $1661 could be a lower degree impulse which is being retraced as a triangle corrective wave. On the shorter time frames, the corrective triangle structure looks complete at $1711 highs yesterday. If the above count holds well, Gold should quickly drop towards $1691 and subsequently below $1661. This move will confirm that the yellow metal has turned lower and a meaningful high seems to be in place at $1747 handle. Alternately, a bullish break would push prices above $1747 as a thrust wave before terminating larger degree Wave (B). Either way, Gold remains close to a major turn lower, that could drag prices below $1450 to begin with.

Strategy:

Short against $1747, targeting below $1450, $1300 and further.

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