The main event that I was waiting for 3 weeks happened on December 18. Gold seemed to confirm the reversal.
Three weeks ago, gold futures made a Bullish Harami candle that required confirmation. The previous week failed to confirm, but this one closed with a solid green candle above 1875.00. From candles perspective it means that the long-term trend has reversed. In addition, 8 and 20 EMA made a bullish cross on the same day that also supports the hypothesis of reversal.
The December monthly candle seems to be on track for completing Bullish Engulfing. That would be the last and very solid confirmation of the trend change.
The pattern of correction that took over 4 months is so symmetrical that it clearly resembles a flag. If the price moves through the upper boundary of the flag and stays above, the flag could be considered complete with the following next targets:
2400: Approximate next target by the smaller flag post. Timing by preliminary channel – March-June 2021.
2750: Approximate next target by the bigger flag post. Timing – year 2022.