Gold keeping bugs, bulls and bears guessing as long as possible, but running out of room even more

Some have started calling gold in a triangle and you can see why. It's been moving basically sideways with a contracting range. It's reasonable to expect a good movement whenever it's ready to break out. Frankly (and despite ChartsEdge's forecast showing a huge rise this week), as my readers know, I've been maintaining a skeptical view since the target met at 1007. If that was the B wave I'm thinking it is, then C down still awaits - nothing to hold long. The bullish view is that it's readying for a third wave up - nothing to short, so we'll keep an eye on either way!

Below are my daily and weekly charts of gold, and a daily chart of the $HUI gold bugs index. The HUI looks a little weaker; otherwise, the indicators really do look like a triangle. (Sorry about the weekly, I need to move those annotations away from the recent price candle bars!)