Gold bearish wedge in uptrend

Updated

Looks as if gold might go down some more this week. Dropped today but the bounce seems to be a bearish wedge. The bounce was support from that trend line on the left. So, if the wedge is real, we should drop again and if that happens that up trend should break as well and could bring the price down even more.

1775ish is a big resistance, it should not get above that red zone anymore. Ideally even drops from current level.

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Previous analysis:

Note

It looked pretty good the first hours dropping $7, but as you can see, again it bounced up from that trend line. Now this doesn't necessarily changes the whole idea, but obviously isn't great. Problem now is, would need it to stay below that red zone, which it is still doing, but no rejection yet.

In theory it could even make a lower high up to around 1780, but above the red zone (1775ish), it becomes random/neutral. So if it breaks above 1775, think best to sit and wait

Note

Stocks pumped, Gold dropping. The trend line broke, so it should drop more, but even though i don't dare to bet against the stock market, i feel as if a high is closing in, which could make gold go up again. So, to be safe, i would move stop to entry and even take like 20/30% profit here at

botje11

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