GOLD - Descending wedge No. 2 with significant hidden bull
- As shown in the chart gold seems to be forming a very similar descending wedge pattern to the one previous, before the rally from 1280's
- So far we have fit the criteria and had at least 2 reactions of both upper and lower trend support
- Alongside this, significant hidden bull divergence can be seen when you compare the current low ( ~ 1475 ) to the low formed within the previous descending wedge pattern ( ~ 1270 )
** I have tried to add volumes onto this chart to indicate the contraction in volume too ( criteria for descending wedge ) however am unable to at the moment.
** For this pattern to be validated we would need to see a break and close above the upper descending trend-line resistance of the pattern
- So far we have fit the criteria and had at least 2 reactions of both upper and lower trend support
- Alongside this, significant hidden bull divergence can be seen when you compare the current low ( ~ 1475 ) to the low formed within the previous descending wedge pattern ( ~ 1270 )
** I have tried to add volumes onto this chart to indicate the contraction in volume too ( criteria for descending wedge ) however am unable to at the moment.
** For this pattern to be validated we would need to see a break and close above the upper descending trend-line resistance of the pattern