Gold- Rising Wedge Bearish Potential
As we can see Gold is forming a rising wedge as shown on the 4H chart. This also aligns with an impulse Elliott Wave pattern, along with some nice wicks bouncing off of the 1830s resistance level indicating bulls may be letting up.
It seems Gold may be ready for a push to the down side with the confirmation of breaking out of the wedge.
With breaking out we can see a retrace to the common FIB levels of 0.5 which is around 1725 and 0.618 which is around 1699. Around these levels we will likely see a bullsh scenario afterwards, but will have to wait and see what the market has in store.
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It seems Gold may be ready for a push to the down side with the confirmation of breaking out of the wedge.
With breaking out we can see a retrace to the common FIB levels of 0.5 which is around 1725 and 0.618 which is around 1699. Around these levels we will likely see a bullsh scenario afterwards, but will have to wait and see what the market has in store.
If you would like to see updates on this idea and many more please follow and hit the like button for more!