Chart 1. Gold 4-Hour
Gold has already booked more than $20 from the low established on the 28th of September at the $1181. Now, there is no doubt that the pullback I mentioned in the middle of September has been in progress.
After hitting the $1209 area, gold halted its move to the upside and started a consolidation. I marked that move as the AB segment (up blue arrow). I always mention the tricky nature of corrective structures as it may vary on the fly. The shape of consolidation could be as a counter-trend zigzag, could fit into a rectangle or form a triangle. The latter has been shaped in our chart above as the combination of lower peaks and higher troughs. I highlighted it with the converging trendlines (orange). Continue reading "Gold & Silver: Get Ready For A Final Shot"