Gold price is in the process of completing a large degree sideways triangle towards $1,330-$1,350. Gold price has bounced off $1,240 and as per our daily analysis our short-term target of $1,310 has been achieved.
Gold price is making a short-term sideways triangle consolidation between $1,310-$1,320 and I believe another leg up towards $1,330-40 is more possible at this stage. Gold price is now completing what I call wave E of the large sideways triangle wave 4 as shown in the longer-term chart and Elliott wave count below.
Gold price short-term trend is bullish as long as it trades above $1,310. I expect a top to be made around $1,340-50 and a reversal to start tha will eventually bring Gold price below $1,000.
Short-term traders should take into consideration the triangle pattern that is near completion as shown in the 4 hour chart below.
I believe the upward move from $1,240 is not complete. The triangle pattern usually appears before the last part of a move, so in our case this coincides with the last part of the upward move from $1,240 to $1,330-40 target of wave E of wave 4.
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