Gold (XAUUSD, 2H) Potential Triangle Structure Near Completion

On the 2-hour timeframe, gold continues to consolidate inside a well-defined contracting triangle, marked by a series of lower highs and higher lows, suggesting reduced volatility before a directional move. The structure appears to follow a five-leg correction (waves 1–5), which may now be nearing completion.
The focus is now on how price reacts to the upper boundary of the triangle, but $3,310 is not a decisive level. Instead, the key signal will come from a breakout from the triangle itself with confirmed follow-through and volume.
Technical view:
– Structure: classic five-leg triangle forming inside the broader retracement
– Volume is increasing on approach to the upper boundary
– Fibonacci retracement levels in play above:
• $3,351 (0.618)
• $3,380 (0.5)
• $3,443 (0.236)
– Critical support remains along the lower triangle base and near the $3,258–$3,192 zone
– Breakdown below $3,192 would invalidate the bullish scenario
Scenario outlook:
This is a hypothetical pattern completion. If the triangle resolves upward, momentum could push price toward $3,350+, aligning with Fibonacci recovery targets.
Conclusion:
Gold is moving toward the decision point inside a contracting triangle. Watch for breakout confirmation from the structure itself — not individual levels. Until confirmed, this remains a potential scenario, not an active signal.