XAUUSD Time to break the Falling Wedge upwards?
Gold / XAUUSD has been inside a bearish trend since the May 4th high, through a Falling Wedge pattern.
The rise since Sep 14th is going against that pattern's need to make a new Lower Low.
In this way not only is it delaying (or potentially avoiding) a 1day Death Cross but also if it closes over the 1day MA50, it may be the final warning before an upward break of the Falling Wedge.
In that case, we may see the emergence of a Channel Up.
As the 1day MACD immediatelly invalidated the prior Bearish Cross with a Bullish Cross today, be ready to buy and target 1965 (Fibonacci 0.5).
Then buy the Channel Up pull back and target the ultimate Resistance the 0.618 Fibonacci at 1985.
Previous chart:
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The rise since Sep 14th is going against that pattern's need to make a new Lower Low.
In this way not only is it delaying (or potentially avoiding) a 1day Death Cross but also if it closes over the 1day MA50, it may be the final warning before an upward break of the Falling Wedge.
In that case, we may see the emergence of a Channel Up.
As the 1day MACD immediatelly invalidated the prior Bearish Cross with a Bullish Cross today, be ready to buy and target 1965 (Fibonacci 0.5).
Then buy the Channel Up pull back and target the ultimate Resistance the 0.618 Fibonacci at 1985.
Previous chart:
Follow us, like the idea and leave a comment below!!
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