cfetrader

Gold directional dilemma

FX:XAUUSD   Gold / U.S. Dollar
173 1 1
For quite some time gold             prices oscillate within a wedge . If an upward break does not take place any time soon (target 1170 to 1200), then prices may follow a declining pitchfork pattern towards the final lows below 1000. Both bulls & bears are aware of the importance of the wedge , and hence no clear resolution of the trend problem is evident. Some negative bias is expressed by the current sell mode of the PMO & TSI indicators
Gold is attempting a wedge break out with determination. The ascending channel assumes now an important role.

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