rising wedge patterns hint towards a bearish move OR A CONTINUATION IN THIS CASE. it's worth mentioning that when the wedge aligns itself with the current trend, the probability is on the side of a market reversal.
However, if the wedge is pointing against the trend, the probability lies on the side of a continuation.
However, if the wedge is pointing against the trend, the probability lies on the side of a continuation.
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Guys be careful before hitting the sell, rising wedges usually refers to a short-term retracement. that's why I expect the price will not drop that much, and probably will touch 1845 and bounce back to the upside. If you look at the 4-day chart, there is a clear falling wedge in the longer-term which is depleting and preparing for a turnaround. That, combined with the head and shoulders pattern printing on the daily chart upholds increases the chances of a market reversal. Apart from that, the fact the bitcoin and the dollar are dropping is also adding to the odds of Gold rising again.