XAUUSD D1

Gold extended its gain aggressively and the price range is currently moving between 1850 - 1828. Based on the daily chart, it is forming a rising wedge which is also a bearish reversal pattern. Hence, the price has to stay below the resistance trendline and strong confirmation for the reversal to take place would be breaking the support trendline of 1822/20 with the potential target below of 1800 / 1790 / 1775. If the resistance doesn't hold and gold will probably attempt to tap into the 1870/80 level which is the weekly level.