XAU/USD Rising Wedge
On a 4H timeframe, the bulls have another run to retest the $1,870 psychology level, which falls between the 50% and 61.8% fib zone as revealed above in the 1W timeframe.
Technical traders could look for a short-term long position after the retest of the supply area at $1,824-5, targeting the top boundary of the rising wedge at $1,870.
Technical traders could look for a short-term long position after the retest of the supply area at $1,824-5, targeting the top boundary of the rising wedge at $1,870.
Note
Short term bullish setup went well - Even though the 61.8% fib got broken, the bearish bias is still very feasible.
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Related publications
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.