⚠️Gold is currently on an upward trend globally. It’s adhering well to the expanding rising wedge pattern seen on the 4-hour chart.
After hitting the resistance, gold began a corrective phase. This uptrend has been ongoing for over a month.
There’s a support cluster at the base of the wedge and a flat support level. The market’s response here could lead to one of two outcomes:
If the price maintains above this level, we could see the beginning of a new bullish wave.
If the price breaks through and closes below, it could indicate a further bearish correction is underway.
Stay tuned for an update once there’s a clear confirmation to proceed.
After hitting the resistance, gold began a corrective phase. This uptrend has been ongoing for over a month.
There’s a support cluster at the base of the wedge and a flat support level. The market’s response here could lead to one of two outcomes:
If the price maintains above this level, we could see the beginning of a new bullish wave.
If the price breaks through and closes below, it could indicate a further bearish correction is underway.
Stay tuned for an update once there’s a clear confirmation to proceed.
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