An ascending broadening wedge has formed on daily gold chart and if it crosses the support line I believe the price could fall all the way down to the wedge's bottom level.
Note
Price bounced back up and stays within the formation. I doubt it will fall in the next several days at this point. It may complete another loop to 1360 and fall from there.Trade active
Sharp move down triggered my order so now the trade is openNote
Price almost triggered my stop loss but I still think it will go down, possibly within such a downward channel: Note
As I suspected, price moved down within a channel so I'm glad I didn't close the trade. I'm confident it will go lower so I'm keeping the set up as is: Note
Price might be forming an upside down cup with a handle suggesting further movement down towards the take profit levels Trade closed: target reached
Target reached! We are near a previously major support level so I'm not sure what the price will do next, will watch out for next signals.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.