Gold could reach up to 1180$ following major daily breakout

Gold/U.S. DollarFXCM

Description

⋅ Aug 16, 2015 5:00 PM

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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Comments

IvanLabrie

⋅ Aug 16, 2015 5:14 PM

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.

themarketzone

⋅ Aug 16, 2015 6:04 PM

Check out on smaller time frames? Looks like a falling wedge to me..but anyway the breakout was real

IvanLabrie

⋅ Aug 16, 2015 7:11 PM

I think it's a triangle, they have explosive thrusts too.
This is what I think: (I'm already short)