Gold is trading within a giant consolidation pattern. We will look for clues as per which direction the consolidation will eventually resolve based on two key trigger levels: a break above $1,917 would signal a continuation of the 2015 – 2020 bull market, whereas a failure at $1,610 would mean a multi-year bear market is still looming. What our analysis thus shows is that gold should be expected to trade within a nearly $300 range for the foreseeable future, with a much larger move pending within 12 – 18 months.

Let us examine the relevant resistance and support levels for more detail on the range of outcomes:

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