Gold may have just completed it’s right shoulder over the last five months. It’s hard to say at this point if gold is done moving lower but I would say it’s a decent probability as the time it took to complete both shoulders are very similar and no major trendlines were violated during this correction. You can also see the RSI has been forming a tight consolidation range and has bounced. I would say taking a position at these levels with a stop if the price level breaks the trendline below or a RSI trendline break would be safe.
