XAUUSD: Short Breakout from Rising Wedge. Target 1223

FX:XAUUSD   Gold Spot / U.S. Dollar
207 2 9
Classic rising wedge . 90% of wedge breaks downside.
Yesterdays speech with expected popup is down to gutters.
I expect a slow fall towards 1223 which is crucial support at 0.5 fib.
Whereas upside is limited to 1248 - 1250.
This provides best Risk-Reward ratio.

Note: I am long from 1205 as well
Trade active: Scalp Short 1244
Expected 1223
Trade closed manually: Touched 1234.5
Closed Short at 1236.55
Comment: Looking for another Short entry if test of 45 fails.
clear break 45 leads to near term resistance 48-51 zone and then towards channel top 1260
Comment: With this Momentum. Breaking the wedge upside may enters the bullish zone. Next takeout will be 1251-52 Resistance Zone
Comment: We have breakout
let see if it clears 1248.5 resistance
Comment: oops hazy chart
Comment: Clears first resistance 1248.72.
Next 1252.29
Comment: Wont be updating this anymore. Pls look at this chart Ideas for broader TF. Thanks
i thought u were bullish/long?
+1 Reply
robus Loii
Indeed. Short scalp. I forgot to update this chart.
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