Gold Price Outlook: Will it drop to 1870?

For more than a month now, Gold is consolidating in a narrow range.
It is going back and forth within this triangle pattern that I
have drawn in my chart.

However, the pattern is narrowing which indicates that a big move
may happen very soon and Gold price may break out of the triangle.

While the breakout can happen either way, price action indicates that
the chances of a breakdown and drop towards 1870 is high.

Either way, I would be looking to see a break of the Upper TL or lower
TL before placing new trades.

Trade chiuso: obiettivo raggiunto:

And there it goes! BOOM! Drop to 1880 :p