Gold (XAU/USD) 1H Chart Analysis: Rising Wedge Formation Indicat
Current Market Condition:
The price is at $2,869.050, showing a +0.46% increase.
The chart shows a strong upward movement, forming a rising wedge pattern (marked in blue).
There was a previous sharp rally, followed by a correction, and then another upward push.
Technical Analysis:
1. Rising Wedge Pattern (Bearish Signal)
The price is moving within an upward-sloping channel.
Typically, a rising wedge suggests a potential breakdown after an initial push higher.
2. Projected Price Action (Marked in Red)
The red arrow suggests a possible fake breakout to the upside.
After reaching a resistance level, a sharp decline is expected as the wedge breaks downward.
3. Key Levels to Watch
Resistance near $2,875-$2,880 (potential reversal zone).
Support near $2,860-$2,850 (possible breakdown target).
4. Economic Events
The icons at the bottom suggest upcoming U.S. economic events, which could add volatility.
Trading Strategy Consideration:
Bullish Case: If price breaks above the wedge and sustains, the uptrend can continue.
Bearish Case: A breakdown below the lower trendline could trigger a sell-off.
Trade closed: target reached
🎉 Another Successful Analysis! 🎉
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This is why technical analysis and patience are key. More insights and setups are coming—stay tuned! 🔥
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.