Clearly gold is presenting itself in a bearish channel. After Gold peaked and hit strong resistance yesterday. I had to change my wedge lines to complement the resistance at the top 1740-1750ish historical support area.
not only is a head and shoulder pattern forming on the hourly, but there is also a rising wedge that could possibly complete and drive the gold price down to previous support levels. I expect a retest of the 1680 area and a possible bounce up and than further down to 1640 support ( which has proven to be strong )
Another idea to pay attention to is the fact that Both the S&P500 and the DJI are in a rising wedge pattern along with Gold. I anticipate another sell off in the over all market possibly next week.
not only is a head and shoulder pattern forming on the hourly, but there is also a rising wedge that could possibly complete and drive the gold price down to previous support levels. I expect a retest of the 1680 area and a possible bounce up and than further down to 1640 support ( which has proven to be strong )
Another idea to pay attention to is the fact that Both the S&P500 and the DJI are in a rising wedge pattern along with Gold. I anticipate another sell off in the over all market possibly next week.
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Happy trading !!!