Gold will start to decline and then exit from wedge

28 thg 8

Hello traders, I want share with you my opinion about Gold. The market dynamic for XAUUSD has seen a significant evolution, transitioning from a corrective falling wedge into a new bullish phase after a powerful breakout from the lows. This upward trend has since matured and taken the shape of a large upward wedge, a pattern that has been guiding the price higher through a series of rebounds and corrections. This formation, while bullish in the short term, often signals potential trend exhaustion as it approaches its apex. Currently, the price action for XAU is at a critical juncture, pushing up against the upper resistance line of this wedge. The primary working hypothesis is a short scenario, which is predicated on the common bearish resolution of a rising wedge pattern. It is anticipated that the asset will be rejected from this resistance line, signalling that buying momentum is waning. A confirmed failure at this peak would likely trigger a sharp reversal, with enough selling pressure to cause a breakdown below the wedge's ascending support line and the current support level of 3390. This structural failure would validate the bearish thesis and initiate a new downward leg. Therefore, the TP is logically set at 3370 points, representing a prudent first objective for the price to achieve following the anticipated breakdown of the wedge structure. Please share this idea with your friends and click Boost 🚀

29 thg 8

Giao dịch đang hoạt động

Gold rose higher than resistance line of wedge, exiting from this pattern and then turned around. So, I expect that price will continue to decline next.

30 thg 8

Giao dịch được đóng thủ công

Gold made an upward impulse to $3455 points. So, the target wasn't reached for this case, so I closed this trade.