GOLD, Completes Ascending-Wedge Bearishly, Objections Ahead!

Hello,

Welcome to this analysis about GOLD, we are looking at the 4-hour timeframe perspectives. As already mentioned in the previous analysis GOLD moved into important resistances on the weekly chart and showed up signs of bearish pullbacks likely to happen, if you did not see this analysis already I highly recommend it to watch to have a full-depth-overview. Now on the more local 4-hour term, I detected a major formation that GOLD also already recently completed with a bearish pullback to the downside and is now confirming this whole structure. Therefore I detected all the important levels and likely determinations we should consider with GOLD in the established structure and upcoming movements.

Structural Developments:
As when looking at my chart we can watch there how GOLD has developed this massive ascending-wedge-formation on the 4-hour term. In this formation, GOLD has a coherent wave-count which already completed with the waves A to C and had a meaningful reference-point in this wedge which is the 20-EMA above which the price-action within the wedge developed. Now as GOLD moved below the lower boundary and below the 20-EMA this zone is serving as resistance. GOLD has established this major resistance-cluster in the structure marked in my chart in red where several resistances coming together consisting of the upper-horizontal-resistance and also the lower boundary of this whole wedge-formation.

Upcoming Determinations:
The next times it is likely that GOLD pulls back from this major resistance-cluster and continues to the downside after this, such a price-action will be the final confirmation of this whole wedge-formation and activated the initial target-zone as the short-term-target-zone marked with the dashed trend-line. Once this target-zone has reached it needs to be elevated how GOLD reacts to it because there is still solid support lying however when this development is highly bearish with increased volume and volatility it will be highly possible that GOLD continues to the downside after a bounce. For now, the initial pullbacks should be expected after that further developments will clear it.

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Comment:

First Short-Term-Target-Reached.

Comment:

ANALYSIS UPDATE: GOLD heavily pulled back below the lower boundary with a massive bearish impulse acceleration.

GOLD since completing the whole ascending wedge formation continued towards the bearish trend direction reaching all of the target zones within the schedule.