GOLD → the price is practicing the "Wedge" pattern
Gold breaks the wedge resistance, prolonged consolidation above this figure forms a good momentum which can be used to open long positions.
The price has consolidated above the descending wedge resistance for quite a long time. Since the session opening on Monday, we see a false break-down of 1954 and bullish momentum towards 1965.
The market makes a retest to the resistance. If this boundary is broken down, we might see a good rally to the 1984 global range resistance.
The moving averages act as support and form a bullish signal.
Strong support: 1960, 1954.
Strong resistance: 1965, 1970
I expect bulls to be able to hold the 1965 area, after which we will see an increase to 1984.
Regards to R. Linda
The price has consolidated above the descending wedge resistance for quite a long time. Since the session opening on Monday, we see a false break-down of 1954 and bullish momentum towards 1965.
The market makes a retest to the resistance. If this boundary is broken down, we might see a good rally to the 1984 global range resistance.
The moving averages act as support and form a bullish signal.
Strong support: 1960, 1954.
Strong resistance: 1965, 1970
I expect bulls to be able to hold the 1965 area, after which we will see an increase to 1984.
Regards to R. Linda
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