Here's my monthly breakdown for gold against the us dollar. The precious metal has been bullish since the start of the year which I and my team predicted quite early on, if you have a look back at my earlier posts. I now think this strong bullish trend is due to come to an end. Price is approaching the monthly trend line as well as a monthly resistance zone around the $1400 area. This lines up with the 38.2 Fibonacci retracement level for added confluence.
On the daily time frame, price has formed a bullish wedge pattern which means (based on probability) that price is more likely to break to the downside.
On the daily time frame, price has formed a bullish wedge pattern which means (based on probability) that price is more likely to break to the downside.
