1. Pattern: Falling Wedge
The blue trendlines show price compression — lower highs and lower lows — forming a falling wedge.
This pattern is typically bullish, suggesting a potential breakout to the upside.
2. Price Action:
Price is currently testing the lower boundary of the wedge.
A bounce has already started from the wedge support, and a projected zig-zag recovery is drawn, hinting at a breakout.
3. Forecast (as shown by the arrows):
The chart anticipates a minor pullback (retest) followed by a strong bullish breakout.
The target seems to be above the 3,340–3,360 zone.
4. Support & Resistance:
Support: Around 3,260 and lower wedge line.
Resistance: 3,320–3,340 near the upper wedge boundary, then 3,360+.
5. Indicators (implied):
No RSI, MACD, or volume shown, but the price structure alone suggests bullish potential if it breaks above the wedge convincingly.
Conclusion:
The trader expects a bullish breakout from a falling wedge. For confirmation, watch for:
A breakout above the upper trendline.
Strong bullish candles or increased volume.
Retest and bounce off the broken wedge line (support-turned-resistance).
Would you like help identifying potential entry, stop-loss, and take-profit levels based on this pattern?
The blue trendlines show price compression — lower highs and lower lows — forming a falling wedge.
This pattern is typically bullish, suggesting a potential breakout to the upside.
2. Price Action:
Price is currently testing the lower boundary of the wedge.
A bounce has already started from the wedge support, and a projected zig-zag recovery is drawn, hinting at a breakout.
3. Forecast (as shown by the arrows):
The chart anticipates a minor pullback (retest) followed by a strong bullish breakout.
The target seems to be above the 3,340–3,360 zone.
4. Support & Resistance:
Support: Around 3,260 and lower wedge line.
Resistance: 3,320–3,340 near the upper wedge boundary, then 3,360+.
5. Indicators (implied):
No RSI, MACD, or volume shown, but the price structure alone suggests bullish potential if it breaks above the wedge convincingly.
Conclusion:
The trader expects a bullish breakout from a falling wedge. For confirmation, watch for:
A breakout above the upper trendline.
Strong bullish candles or increased volume.
Retest and bounce off the broken wedge line (support-turned-resistance).
Would you like help identifying potential entry, stop-loss, and take-profit levels based on this pattern?
Our telegram channel daily update here guys t.me/GOLDTRDAINGSIGNAL11
Daily signals here
Daily signals here
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.
Our telegram channel daily update here guys t.me/GOLDTRDAINGSIGNAL11
Daily signals here
Daily signals here
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.