is very ( I will post soon)
Gold's weekly chart has a + we are turning down from the 200
We are on day 26 in the daily cycle which usually lasts for 28-35 days
So there are 2 possibilities of breaking out of the triangle.
If you play the long side have to be very careful because we can start heading down to the daily cycle low any time now...
The key is to break the 50 (4hrs chart) for the way down to the DCL...
Every instrument has a daily and weekly cycle. It means that for a few days price is increasing and then it falls into a cycle low.
Gold's daily cycyle lasts for 25-35 days. The last daily cycle low (check it the daily chart)was on 2016.01.14, before that 2015 .01.14.
You cannot trade based only on the daily cycle but with indicators, chart patterns and sentiment is a big help when it is time to print the lowest price day of the cycle.
Gold is now forming a pennant. If the price tags 1225 and starts to come back 1210 I would say we are not going to break 1210 down, but we will break up from the pennant and will have one more 100 $ bull run in gold.