After the strong reversal from 1620, the break above 3 important levels of resistance, and a high at the 1780 zone, Gold continued to trade upwards making another 2 higher highs.
However, these highs are marginal, and for a month now, Gold is contained in a rising wedge pattern.
Although the pattern is not confirmed yet (it needs a break under rising trend line support) the price action is a suggestion that a reversal could follow.
Selling rallies could be s good strategy with a target at 1760, followed by 1720 in case of a deeper correction.
However, these highs are marginal, and for a month now, Gold is contained in a rising wedge pattern.
Although the pattern is not confirmed yet (it needs a break under rising trend line support) the price action is a suggestion that a reversal could follow.
Selling rallies could be s good strategy with a target at 1760, followed by 1720 in case of a deeper correction.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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.