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
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cfetrader
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Gold is attempting a wedge break out with determination. The ascending channel assumes now an important role.