XAUUSD (GOLD) TECHNICAL ANALYSIS 6

Gold has now hit the resistance trend line of the H3 (3 hours) bullish (falling) wedge and has also closed the right shoulder of the Head & Shoulder (H&S) highlighted in red triangles. Currently price is trying to break through the resistance trend line and also through the resistance level of the channel it has been consolidating the whole of this week, would rather wait for price to break to the dark blue level, then retest the resistance trend line then go for buys. However Gold may fail to break the resistance level and fall to the last touch of the support trend line of the bullish (falling) wedge and then come back up, hopefully break through both wedge resistance and channel resistance and fly up.

Remember this is my idea and I stand to be corrected. Always await for price confirmation before placing trades.

Trade smart 🔅