Gold is in a tricky spot now. A solid reversal has formed on one side, while it can be construed as a continuation pattern, as well. On hindsight, it might look as a simple head and shoulder pattern which can give a bearish breakout. But, if you look closely, it is currently in a Elliott wave formation and it is currently going through a correction in the form of a triangle wave. There are good chances for both the patterns to play out. However, taking fundamentals into account, we expect the triangle pattern to render a bullish continuation pattern.