A potential completion occurred at the current price level (circa 1240.40), with a possible to complete a .
I have left out the Shark's Zero-X-A-B-C reference points, pointing to 50% of last swing low to define the pattern possible completion circa 1289.86 level.
Also left in the chart is the XAB triangle at the root of both patterns.
I have removed the recent ("WW") outline for simplicity reason, especially as this pattern because too tortuous to define. However, WW pattern traders will find it without too much difficulty, realizing that it completed a 5' ("five prime") validation right at the Shark's Point-C level as well.
Above patterns favor reversal to the upside. While Gold's luster has been tarnished by persistent pressure over time, the current technical-based rally may represent a respite rather than a reversal - Sort of a "Relief rally" of limited upside for the time being.
Here is a forecast posted a few months back ... Still valid per predictive/forecasting model
Predictive Analysis & Forecasting
Denver, Colorado - USA
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)
Signal Service or Private Course - Contact: MarketPredictiveAnalysis@gmail.com
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$XAUUSD refined target @ 1226.67 per model; adjusted 5-0 @ 1285.79:
via @tradingview | $XAU $USD $Gold $DUST $SLV
Best work is that of Connie Brown, CMT, as it encompasses a lot of the disciplines I use (geometry, numerology and creative analysis, looking deep into geometric correlations). There really is no well defined category of books giving a step-by-step approach to it.
It's sort of a random walk of the human mind down the not-so-random-walk of market prices - I am glad I have the time to devote to a lot of these abstractions.
All I can say is that the conventional teaching has become so institutionalized that algos are written with common patterns, standard Fibonacci values, and foreseeable behaviors in mind. In a way, brokerage firms that teach newbies how to trade using the "conventional ways" are in fact politely asking the new traders to pass their heads through the noose and pull on the lever.
Just my humble opinion, of course.