FX.co ★ XAU/USD, GOLD

Hello traders, Well, the previously tracked structure of a horizontal triangle on gold's H4 chart is on the verge of a "breakdown." To achieve this, it will be sufficient to update the previous high at the level of 5119, which seems almost resolved due to the metal closing Friday's trading session at the level of 5106.65. Now, from a wave perspective, the current formation of the metal, consisting of multiple zigzags, is identified as a contracting leading diagonal, nearing the completion stage of its development. It is precisely necessary to update its local maximum of the 3rd wave at the level of 5119. Now the main question is (in case of actual confirmation of the leading diagonal structure), what this diagonal represents: is it wave "a" of an ascending zigzag "abc" to the previous descending impulse marked on the chart as wave "A," or is it altogether the 1st wave of a new uptrend? This question will have to be postponed to the next trading week.