The current 2020-2023 gold chart structure shown below is what would typically be called a triple top formation. This by itself does not necessarily confirm that a decline is expected. The underlying futures trading data behind this structure is important. In September 2021 and October 2023 Engrbytrade™ futures trading data calculations show that traders have been positioning their trades with the expectation of a long term decline. Similar moves occurred in 2012, and 1994-1995 as identified by arrows in the charts below.
Stock charts courtesy of StockCharts.com.
