The triangle is shown in the daily Gold chart below towards the right.
From a larger perspective, and based on wave counts, the downtrend of gold had reached wave 4, and is now undergoing a large ending diagonal in Wave 5, the final wave in this downtrend.
Within the diagonal, waves a-b-c-d are completed, and now undergoing the final wave e of this diagonal.
The triangle is within wave e.
What this means in the short term is that the downtrend may continue strongly to the support line of a-c.
In the longer term, and technically, Gold is expected to reverse trend to uptrend as soon as support line a-c is reached.
Stocks related to Gold mining are also trading at years' lows - e.g. AUY. ABX.
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