GOLD: Another Complex Price Developement

GOLD: Another Complex Price Developement

As I explained in the previous analysis after the price broke out of the small channel pattern the chances of a minor or major bearish move were high.

GOLD declined near the first and strongest 2145 support zone reaching 2150.50

We can see that the price continues to contract and is taking the form of a contracted triangle. This pattern in this position is a trend continuation pattern that can push the price
further, if the price moves above the triangle.

If the price moves below the triangle, the picture may change to something else and gold may start a bearish correction.

However, the fact remains that GOLD is currently manipulated and all the possible moves described above are very risky.

You may find more details in the chart!
Thank you and Good Luck!

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