fxtrader66

Gold, in a huge wedge?

FX:XAUUSD   Gold Spot / U.S. Dollar
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Weekly chart gold . Price has made an outside bar, which could be viewed as lower prices to come if there is continuation on the daily chart next week.

It looks like gold is making a huge wedge and would prefer to buy gold on signs of support at the bottom TL of wedge .

Alt - breakout of either side of wedge could produce a measured move of $250 from breakout point.
it is also similar to the last bar of july. It is a probability but not a measure of decision I guess.
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fxtrader66 Teknik_Oyuncu
Last bar of July technically was not an outside bar, since it didn't have a hh than the previous candle. The only question that could invalidate this pattern is the open is .72. cents lower than the close of previous candle, however, being so close, continuation on the daily chart would confirm if this pattern is valid. Tnx for the comment!
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sorry,I am new,I do not know the chart language,what does it means ?
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