The range continues to narrow as the triangle moves towards its apex, coiling and building momentum for the next big move. A break out of the triangle, either up or down, should see a strong trend emerge.
The dollar remains weak, unable to sustain a rally to 80 or higher. A break of 79 portends much lower prices ahead. Oil remains strong, though is currently correcting the powerful rally up to $98 a barrel. The strength in oil has not yet been reflected in gold, though we expect it soon will be.
Other online commentators appear to be split between bearish and bullish at present, reflecting the finely balanced market and battle for supremacy within the triangle.
The ECB rate decision and jobless claims data from the US could move the markets today.
Today's video looks at the triangle consolidation in more detail, as well as the "big picture" and our thoughts on why we think the next move will be up.