Gold Bull Pawing, Nostrils Flaring, Next Run Higher Coming Soon

Many of the questions I received are centered around why Gold is not moving higher, is the bull phase for Gold over? To which I say: Patience everybody. Gold is not a dot com stock. The move from 1277 to 1566 was a massive 22% ripper. In process Gold became overbought and put in a negative divergence. A retrace not only made technical sense, it’s also necessary to prepare for the next bull phase if there is to be one. And judging by the pattern Gold has been putting in since the summer highs it indeed looks to be preparing for another bull run in form of a bull flag/falling wedge: