Gold has retraced down to the 50% Fibonacci level after peaking in late 2011 where price has since consolidated to a ascending triangle starting in 2016. I expect the next 2-4 weeks will be one of consolidation where we will either move sideways outside of the triangle or move back inside to suck in early buyers before the big breakout. The signal I will be waiting for is a close above the 400 week MA on the weekly candles before taking a long position. I will update my trades as they play out:
