At the bottom of the intermediate decline we printed a triangle. The triangles many times act as a continuation pattern. But in gold it's usually a sign as the banks are pushing the price back again and again to load up more gold and give themselves a possibility to buy mining shares at lower prices.
This time the triangle was not enough they've forced gold into a (green) to continue their work.
In the last few hours the flag broke out.
I think this the breakout what we need.
The pattern is very similar to the last August pattern. There was also a triangle and a before gold broke out finally. I will post the screenshot below.
I'm still sure no lower leg is coming as the EW traders are waiting for that.... Gold will just blast off leaving a lot of traders back at the station.
It could be good for gold...
He is waiting for a long entry...