Daily time frame: Gold can be unfolding a higher degree wave C), as part of a bigger A)-B)-C) structure, out of a previous triangle correction. Wave C) is an impulse and may unfold five-waves to the upside, before resistance for wave C) may be seen, and a change in trend may follow. At the moment sub-wave IV of C) can be unfolding, and can look for support near the 14000 psychological region.
4h time frame: Sideways price activity on gold from 1439 region can be a possible triangle correction in the making as part of an uptrend, and can look for support near the Fibonacci ratio of 23.6 (1390/1400 region). A later rally in impulsive fashion (clear, five legs), and above the upper triangle line would suggest a completed consolidation, and more upside.
Projection target for the fifth wave can be around 1460/1470 area.
Have a great day everyone!
The EW-Forecast team
Still it can be a reversal triangle .. or instead of triangle .. bull flag .. in the flag or descending channel h4 .. and we are WXY .. ABC followed by ABC .. we did B yesterday.. now C is progress and might end around 1360+ area.. anyways today market will validate charts ..thank you