Gold, symmetrical triangles

The post is for educational purposes only, and not trading/ investing advice.

Based on a study by Bulkowski, upward breakouts from average a return of 31%, taking 124 days to exhaust the breakout. However this is during bull markets. During bear markets the returns drop to 26%, taking 77 days to the ultimate high/level. This may not apply so much to gold however since gold usually sees interest when the overall sentiment is bearish.

Worth noting that prices breakout or breakdown in the prevailing direction of the trend about 54% of the times.   

Bulkowski also says that throwbacks or pullbacks (retracements) happen about half the time, which is also a risk that one needs to be watchful of. 

Prices take about a month to reach the price target calculated using the measure rule (as as been done in the picture above).

To see sustainability of the move, I decided to look at demand and supply zones.