GOLD - Could this be a falling wedge pattern?
I've been tracking Gold for a little while now, especially with all that is going on in the world with Trump and China's Trade war.
As you can see from my charting it defiantly isn't a perfect wedge pattern, there has been some false breakouts that have occurred on the 25th and 31st of October.
both of these breakouts have fallen straight back into the wedge.
As you can see we are again testing the lower boundary of the wedge as I write this and the next days to come should open up more insight into future direction.
$1142 will act as a support if the lower boundary of the wedge is broken, at this point we will have a good indication if the bears are going to out weight the bulls.
I hope to see either a breakout from the topside of the wedge or testing of the $1142 support with a bottom reversal candle pattern to stay in a bullish mindset.
If we see $1142 level penetrated, this in my view will confirm bears have control and shorting gold maybe a viable option.
By no means am I a financial professional and this is not financial advise. This is for educational purposes only and all information is general in nature. Speak to a financial professional if you require advice.
As you can see from my charting it defiantly isn't a perfect wedge pattern, there has been some false breakouts that have occurred on the 25th and 31st of October.
both of these breakouts have fallen straight back into the wedge.
As you can see we are again testing the lower boundary of the wedge as I write this and the next days to come should open up more insight into future direction.
$1142 will act as a support if the lower boundary of the wedge is broken, at this point we will have a good indication if the bears are going to out weight the bulls.
I hope to see either a breakout from the topside of the wedge or testing of the $1142 support with a bottom reversal candle pattern to stay in a bullish mindset.
If we see $1142 level penetrated, this in my view will confirm bears have control and shorting gold maybe a viable option.
By no means am I a financial professional and this is not financial advise. This is for educational purposes only and all information is general in nature. Speak to a financial professional if you require advice.
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