Goldprice (in $) has touched the upper limit of the wedge, then testing three times the lower limit.
One can see that in RSI has made the same movement.
As Gold is on the support-level, and this support seems to be strong, I think it is more probable that the next move will go up again.
Within the actual ascending triangle, gold is in the second half and statistically in this zone most of the breakouts take part. (that´s what I´ve read, not what I´ve measured myself).
In the longer view gold is in a bullish scenario since 2015, actually not far away from the medium of the long ascending triangle.
On the other hand we can see the ups and downs and gold has just tested the upper limit of the older wedge, so couldn´t it be possible, that it´s on its way down? Yes, it is. But I think the other scenario, that gold will rebound on the support at ~ 1.280$ and go up again has more chances.
Positive scenario: next aim is 1.350$
Negative scenario: next aim is 1.255$ (fib retracement 23.6%) and if this wouldn´t stop the downtrend second support will be on 1.220$ (lower limit of the wedge and also a swing trend level).
this is only my personal opinion, no trading advice!
One can see that in RSI has made the same movement.
As Gold is on the support-level, and this support seems to be strong, I think it is more probable that the next move will go up again.
Within the actual ascending triangle, gold is in the second half and statistically in this zone most of the breakouts take part. (that´s what I´ve read, not what I´ve measured myself).
In the longer view gold is in a bullish scenario since 2015, actually not far away from the medium of the long ascending triangle.
On the other hand we can see the ups and downs and gold has just tested the upper limit of the older wedge, so couldn´t it be possible, that it´s on its way down? Yes, it is. But I think the other scenario, that gold will rebound on the support at ~ 1.280$ and go up again has more chances.
Positive scenario: next aim is 1.350$
Negative scenario: next aim is 1.255$ (fib retracement 23.6%) and if this wouldn´t stop the downtrend second support will be on 1.220$ (lower limit of the wedge and also a swing trend level).
this is only my personal opinion, no trading advice!
Comment:
Comment:
If the price of Gold won´t turn within the next few hours, at max 1 day, this isn´t a bear trap but a new correction! For me as investor nothing else than a new buy-opportunity.