Gold formed a decent rally after consolidating above the 2023 high. We finally saw a retracement following its failure to close above $2400, but momentum is now trying to turn higher once more.
We're not yet sure whether any potential bounce is simply the 'b' wave on a ABC correction (if so, it implies another leg lower after a bounce) or if the correction has complete (which implies a break to new highs).
A potential falling wedge has formed, and price action has hinted at a swing low; the large bearish bar from last Tuesday was accompanied by RSI(2) reaching oversold, prices found support around the 50% retracement level and high-volume node. We have since seen a 3-bar bullish reversal (morning star) and range expansion from $2300.
A move to $2350 seems feasible, but a dip towards $2300 first could help improve the reward to risk ratio. A break above $2350 brings the $2400 high into focus, which would also meet the upside objective from the falling wedge pattern.
We're not yet sure whether any potential bounce is simply the 'b' wave on a ABC correction (if so, it implies another leg lower after a bounce) or if the correction has complete (which implies a break to new highs).
A potential falling wedge has formed, and price action has hinted at a swing low; the large bearish bar from last Tuesday was accompanied by RSI(2) reaching oversold, prices found support around the 50% retracement level and high-volume node. We have since seen a 3-bar bullish reversal (morning star) and range expansion from $2300.
A move to $2350 seems feasible, but a dip towards $2300 first could help improve the reward to risk ratio. A break above $2350 brings the $2400 high into focus, which would also meet the upside objective from the falling wedge pattern.
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