Simple Trading - Expanding Wedge pattern
Gold has broken above the expanding wedge and is now pushing for its target (2615). Expect gold to continue to the previous High (2600) and make a higher high.
If the Expanding Wedge pattern plays out correctly, 2615 should be the next target. Keep in mind that there is strong resistance at the 2600 price level. Expect another fakeout.
The previous week's high (PWH) is acting as support. If two or more Bearish candles close below the
PWH/support... this could indicate sell pressure.
*These are just my thoughts, not financial advice.
Gold has broken above the expanding wedge and is now pushing for its target (2615). Expect gold to continue to the previous High (2600) and make a higher high.
If the Expanding Wedge pattern plays out correctly, 2615 should be the next target. Keep in mind that there is strong resistance at the 2600 price level. Expect another fakeout.
The previous week's high (PWH) is acting as support. If two or more Bearish candles close below the
PWH/support... this could indicate sell pressure.
*These are just my thoughts, not financial advice.
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