we can see gold has formed Rising Wedge Pattern .
The Setup
A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex. Using two trendlines—one for drawing across two or more pivot highs and one connecting two or more pivot lows—convergence is apparent toward the upper right part of the chart
we are up roaching towards NFP this week so based on fundamentals our setup may fail , so we look for a swing setup for short after NFP.
key levels are marked in chart.
Disclaimer : this analysis can change at anytime without notice and it is only for the purpose of assisting traders to make independent investments decisions
The Setup
A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex. Using two trendlines—one for drawing across two or more pivot highs and one connecting two or more pivot lows—convergence is apparent toward the upper right part of the chart
we are up roaching towards NFP this week so based on fundamentals our setup may fail , so we look for a swing setup for short after NFP.
key levels are marked in chart.
Disclaimer : this analysis can change at anytime without notice and it is only for the purpose of assisting traders to make independent investments decisions
Comment:
NFP broked the setup!