The yellow metal is working on a base. It is not done yet, maybe a few more months before the sellers are all done.
Previous metal post: Silver starting to work with the major cycle
The 116 period cycle has worked well (mostly) since Oct 2009. It now suggest gold is due for a pullback that may form a double bottom (the bulls hope). If gold does pullback it will be with the family of risk assets (stocks, commodity currencies, bonds), if the pullback is gentle then this would be very bullish.
The Wyckoff mindset requires that a base (ie CAUSE) be formed before a new rally can occur, and the cycle below suggest that there is every chance of this.
"At long as a stock is acting right, and the market is right, do not be in a hurry to take profits." ~ Jesse Livermore Trading Rule
"The four most dangerous words in investing are 'This time it's different'." ~John Templeton