Descending Wedge
Updated
We could be seeing a descending wedge beginning to develop. It may be too early to tell whether it is instead a descending channel , but keeping an eye on it once it reaches the support zone should be good indication of a bullish or bearish breakout depending on which way it moves outside the pattern even if it is a channel.
Note
The formation is a channel, but it is still going according to my chart. We will see how it proceedsNote
Gold has broken out it will be difficult for prices to fall again below 1500
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