Gold consolidation nearing an end

<p><a href="https://www.bettertrader.co.uk/.a/6a0162ff9ddd58970d02942f929e24200c-pi"><img alt="Gold220104" border="0" src="https://www.bettertrader.co.uk/.a/6a0162ff9ddd58970d02942f929e24200c-800wi" title="Gold220104" /></a></p>
<p>Chances are gold will decline further before the next major advance starts.  I believe gold is tracing out a triangle [A,B,C,D,E].  On 15 December Gold declined to 1753, was that decline wave E? That is the question right now because if the decline was wave E gold will rally to new highs. In a triangle [A,B,C,D,E] wave E is the final wave of the consolidation. After the consoldation gold should rally to new highs. This decline ended high, you can see wave C ended near the bottom of wave A, therefore I would expect wave E to end low too, this is why I think wave E down is not complete. I could be wrong but why could wave E end lower near 1730? The decline to 1753 is not clearly in three waves, a decline now to 1730 would make wave E in three waves. Further more the 10Y yield is breaking up, this rally in yields should extend, this will weigh on gold. As a result there is a good chance gold will pullback a second time to complete wave E near 1730. </p>