This chart is on the weekly chart. Over the last few years, Gold has formed an ascending broading wedge price pattern.
Once price builds it winds up to a break in either direction. As the fed tightens and increases interest rates this will push Gold into a strong bearish market.
This is likely to take several months to play out, it could be by end of January or February. Everyone thinks gold will go bullish . That could be completely wrong as with inflation individuals with start using alternative investments.
My methodology will be to use a pending SELL order at 1747 with a TP at 1700 - if it breaks below then looking towards 1681. There will be a break for first win, then a retest following a larger bearish trend .
First target is 1681/1700 with even a long term target of 1450 or lower.
Once price builds it winds up to a break in either direction. As the fed tightens and increases interest rates this will push Gold into a strong bearish market.
This is likely to take several months to play out, it could be by end of January or February. Everyone thinks gold will go bullish . That could be completely wrong as with inflation individuals with start using alternative investments.
My methodology will be to use a pending SELL order at 1747 with a TP at 1700 - if it breaks below then looking towards 1681. There will be a break for first win, then a retest following a larger bearish trend .
First target is 1681/1700 with even a long term target of 1450 or lower.