This is a 30-minute (M30) chart of XAUUSD (Gold vs. US Dollar), showing a descending wedge (falling wedge) pattern forming, which is a classic bullish reversal setup.
Chart Description:
Pattern Formed:
Descending wedge is clearly drawn with:
Lower highs and lower lows, converging between two trendlines.
Price action is respecting both boundaries of the wedge.
Current price is mid-range inside the wedge.
Projected Price Path (Dotted Arrows):
The chart suggests:
A possible fakeout or final dip towards the wedge's lower boundary.
Followed by a rejection and bullish breakout.
Target would likely be above 3,392+, possibly aiming toward the wedge's origin zone (~3,408 or higher).
Market Implication:
This setup is typically bullish, especially if:
Volume increases near the lower edge.
Price fails to make a new low and starts printing bullish structure (HL → HH).
Summary:
XAUUSD is consolidating inside a falling wedge on the 30m chart, suggesting potential for a bullish breakout. Traders may anticipate one last liquidity sweep before a breakout toward higher resistance levels.
Chart Description:
Pattern Formed:
Descending wedge is clearly drawn with:
Lower highs and lower lows, converging between two trendlines.
Price action is respecting both boundaries of the wedge.
Current price is mid-range inside the wedge.
Projected Price Path (Dotted Arrows):
The chart suggests:
A possible fakeout or final dip towards the wedge's lower boundary.
Followed by a rejection and bullish breakout.
Target would likely be above 3,392+, possibly aiming toward the wedge's origin zone (~3,408 or higher).
Market Implication:
This setup is typically bullish, especially if:
Volume increases near the lower edge.
Price fails to make a new low and starts printing bullish structure (HL → HH).
Summary:
XAUUSD is consolidating inside a falling wedge on the 30m chart, suggesting potential for a bullish breakout. Traders may anticipate one last liquidity sweep before a breakout toward higher resistance levels.
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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.
💰 King Maker FX — Master the Gold Market with Precision.
Unlock real-time trends, pro strategies, and expert insights to turn every move into profit. 🚀✨ t.me/kmforexllc
Unlock real-time trends, pro strategies, and expert insights to turn every move into profit. 🚀✨ t.me/kmforexllc
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.