Gold has retreated from a recent bull run, forming a bull pennant. Two scenarios are possible from this price action
1. Upwards break of the pennant, confirm cup and handle pattern and extension to 2100 or more
2. Downwards break of the pennant, confirming head and shoulders pattern and extension to 1910 or lower
A good time to wait out of the market and see...
Gold is completing a Bull Pennant and entering a markup phase, there may be a deeper spring before the markup depending on stops, a dip to 1740 seems possible to act as a spring to 1900.
