Ambipath

Ascending Broadening Wedge on Gold

Short
FX:XAUUSD   Gold Spot / U.S. Dollar
An ascending broadening wedge has formed on daily gold chart and if it crosses the support line I believe the price could fall all the way down to the wedge's bottom level.
Comment: Price bounced back up and stays within the formation. I doubt it will fall in the next several days at this point. It may complete another loop to 1360 and fall from there.
Trade active: Sharp move down triggered my order so now the trade is open
Comment: Price almost triggered my stop loss but I still think it will go down, possibly within such a downward channel:
Comment: As I suspected, price moved down within a channel so I'm glad I didn't close the trade. I'm confident it will go lower so I'm keeping the set up as is:
Comment: Price might be forming an upside down cup with a handle suggesting further movement down towards the take profit levels
Trade closed: target reached: Target reached! We are near a previously major support level so I'm not sure what the price will do next, will watch out for next signals.

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