GOLD - Rejected Wedge Support, possible 78.6 fib target @ ~ 1507
- As shown in the chart Gold on Fridays close made a clear rejection candle on the 4H chart evidence by the wick touching the trend-line and then advancing up on the following 4H candle
- Due to this rejection, I would expect gold to once again advance back to the upper descending trend resistance of the pattern
- Using Fibonacci Retracement tool, the 78.6 fib lines up perfectly with both the upper descending trend resistance of the pattern, as well as the strong resistance zone around 1507 - 1510
- Due to this rejection, I would expect gold to once again advance back to the upper descending trend resistance of the pattern
- Using Fibonacci Retracement tool, the 78.6 fib lines up perfectly with both the upper descending trend resistance of the pattern, as well as the strong resistance zone around 1507 - 1510