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.