- Gold has failed to break its descending broadening wedge resistance line this morning and retreated back
- This retreat has fallen onto the support line as well as the 50 EMA within a smaller Ascending Broadening wedge pattern
- This can be either a Bearish OR Bullish pattern however according to statistics a Bull breakout is seen 54 % of the time with these patterns.
- We could have two scenarios here, either:
1. We find support at this mentioned lower trend-line + 50 EMA and bounce from here to break through the bigger picture
Descending Broadening wedge pattern resistance I published here:
2. We fail to hold this support line + 50 EMA and break lower to find support lower within the pattern
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- This retreat has fallen onto the support line as well as the 50 EMA within a smaller Ascending Broadening wedge pattern
- This can be either a Bearish OR Bullish pattern however according to statistics a Bull breakout is seen 54 % of the time with these patterns.
- We could have two scenarios here, either:
1. We find support at this mentioned lower trend-line + 50 EMA and bounce from here to break through the bigger picture
Descending Broadening wedge pattern resistance I published here:
THIS IS NOT TRADE ADVICE NOR A TRADE CALL