Gold in a falling wedge pattern: Ready for a strong ride up

20 Ağu

Price on XAUUSD looks quite interesting right now, this recent has brought a new look to it, as it's forming a more optimistic pattern.
The most recent interaction here is particularly interesting, because it's already showing early signs of recovering and decreased bearish momentum. What may follow: low-volume candles suggesting exhaustion and potential upwards.

My target would be toward 3360. If this move plays out, it will make a beautiful play of a narrative that’s we've been following for Gold.
This setup is so compelling. It’s a story being shown, but still requires patience and confirmation.

Though a scenario for more downside is possible as we have a clear support zone below. Still, I am taking the side for more upside because of the pattern forming here.

21 Ağu

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