XAUUSD M30: Rising Wedge Breakout Short Opportunity
XAUUSD: Rising Wedge Breakout Short Opportunity?
This 30-minute chart of XAUUSD (Gold) is forming a rising wedge pattern, which is a potential bearish reversal signal. The price has been making higher highs and higher lows, but the wedge is getting narrower, indicating a potential squeeze. Additionally, the price has recently broken below the support trendline of the wedge.
Analysis:
A rising wedge is a bearish reversal pattern that forms when price makes higher highs and higher lows, but within an ascending channel that gets narrower as price progresses.
The wedge on the chart appears to be nearing a completion point, as the price has broken below the support trendline.
A break below the wedge could signal a short-term downside move for gold.
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