On the other hand, its entirely possible that since late 2015, Gold has been carving out what appears to be a bullish Ascending Triangle pattern – the underlying trader psychology being that as sellers continue to cap the price at the same price level, buyers continue to step in at ever increasing prices, absorbing overhead supply with each successive attack on the upper rail.  The progressively higher lows – or eager buyers – eventually overtake supply with an upside breakout, to complete the bullish pattern.

From a “chartology” standpoint, however – that would indicate a trip to the lower rail is in order to set up a 5-pt (bullish) reversal pattern – that is, if the AT pattern is operating.