The outbreak of Corona and subsequent lockdown created the panic in Gold market too so the price got support from the $1450 level.
This ignited a rally in Gold which culminated at $2075 in August 2020
From this point onwards the price has been trying to crossover the $2075 mark but has always ran out of steam. In this process the prices has been printing the considerably higher highs and all this has formed a wedge on the chart.
Now the price is in $1938 region. Which does not suggest any clear bias. If the price closes above $2075 we may consider opening a long position or if it closes under the Current Trend Line we shall be looking for the bearish conformation to go short.
Wedge Targets for both long and short has been marked on chart.
Keep a close monitoring on RSI position at the time of trade execution.
This ignited a rally in Gold which culminated at $2075 in August 2020
From this point onwards the price has been trying to crossover the $2075 mark but has always ran out of steam. In this process the prices has been printing the considerably higher highs and all this has formed a wedge on the chart.
Now the price is in $1938 region. Which does not suggest any clear bias. If the price closes above $2075 we may consider opening a long position or if it closes under the Current Trend Line we shall be looking for the bearish conformation to go short.
Wedge Targets for both long and short has been marked on chart.
Keep a close monitoring on RSI position at the time of trade execution.