This price action translates into a narrow Triangle chart pattern, illustrated here on the Autochartist 240-minute time interval from its inception point on October 31st. While the range of the pattern contracted quickly as the apex approached, the internal readings were solid and consistent with an overall Quality of 7 bars.

Heavy buying after a successful retest of support drawn at the $33.50 per ounce level triggered a technical breakout accompanied by a maximum momentum reading of 10 bars. Despite a pullback and retest of the breakout level, the price has yet to pull back below the established support. This portends a possible resumption of the rally towards the higher forecast for the week ahead.

The projected price generated by Autochartist calls for a minimum move to $35.78 per ounce, with the upper end of the range ending at $37.47 per ounce. The completion of this breakout would confirm the uptrend and establish a base for another test of the key $40 level.
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