the above structure is based on the assumption that gold , among other factors, is driven by negative economic outlooks and is considered a safe haven asset.
For me the simpliest way to put it in order to undestsand price action in the last 10 years is the following: Financial Crisis have driven gold price up and the System have responded by implementing policies aimed to stabilize.
IMHO, since the Financial Crisis, gold represets the thermometer for level of stabilization of the World Economic Sentiment. Gold was at 1000 before the Financial Crisis right? It has doubled it's value due to fear, topped, pulled back, tested 1046 and it's ranging since, probably waiting for the next Financial Crisis to happen. But until that moment, I am not expecting major decisives moves.
Here a link to the formation which has been unfolding since 2018.
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