GOLD is showing a rising wedge pattern all the way to the daily, which suggests a bearish reversal.
Usually in a wedge pattern, price will reverse for the movement from the bottom of the wedge to the top. This level also happens to align to near the .618 fib level.
For confirmation I would wait to enter until we see price close outside of the bottom line in the shorter time frames.
Usually in a wedge pattern, price will reverse for the movement from the bottom of the wedge to the top. This level also happens to align to near the .618 fib level.
For confirmation I would wait to enter until we see price close outside of the bottom line in the shorter time frames.
Comment:
Price is now starting to hit the top of the wedge - updated the line accordingly.
