themarketzone

Gold could reach up to 1180$ following major daily breakout

FX:XAUUSD   Gold / U.S. Dollar
The Wedge pattern breakout that came following the AB=CD pattern completion suggests that $XAUSUSD has started a correction move.
1140$ is the initial target zone and 1170-1180$ is the secondary one as it is a major daily resistance now.

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I really don't think that's a wedge. It's a triangle in a sideways correction or some other complex corrective pattern if anything.
+1 Reply
Check out on smaller time frames? Looks like a falling wedge to me..but anyway the breakout was real
Reply
IvanLabrie PRO themarketzone
I think it's a triangle, they have explosive thrusts too.
This is what I think: (I'm already short)


Gold: Update
+1 Reply
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