Gold is now megaphoning across 1200, which is VWAP of the big megaphone that’s been forming since late September 2014. That makes gold a favorite to complete a triangle (orange) across 1200. The triangle could break out in either direction.
If gold is forming that triangle, it will soon be putting in some big swings to set up the formation’s top and bottom. Those will be swings to the blue and red megaphone tops and bottoms.
If gold can break out upwards through both 1230 and 1250, it will be going for a retest of the July 2016 high. If instead gold is turned back at 1250, it will likely be going for a retest of the December 2016 low before the retest of the July 2016 high and subsequent retest of the November 2015 low.
Be aware that triangles tend to be comprised of a series of megaphones inside megaphones, and they can get very messy in the middle. The moves coming up may not be as clean as drawn.