We have an ascending wedge on the monthly chart for the AU - an ascending (rising) wedge in a higher downtrend is bearish. On top of that, the coming price range between the two dotted horizontal black lines is the most likely area to cause a churning of price from this recent move up.
Will keep an eye on this one but should play out in the coming weeks.
Will keep an eye on this one but should play out in the coming weeks.
Note
Monthly view update. Price now tagging upper resistance, can overshoot slightly but this is where I expect the reversal to begin.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.