A week ago week GOLD broke below the lower rail of the triangle consolidation. It painted the picture of a perfect 5 point reversal.
However, on Tuesday of this past week GOLD popped back inside the consolidation pattern, and is presently knocking on the ceiling.
Technically, the picture is a bull pennant. The false break below the bottom rail and subsequent recovery is bullish.
In any case the breakout needs to happen soon – we are just about out of runway.

Notice that a breakout topside, if it happens, will coincide with a bullish cross of the MACD, and a break of the downtrend line on the RSI.
There have been 7 hits on the bottom rail (count them) It is HOT.