Gold has now hit the resistance trend line of the H3 (3 hours) bullish (falling) wedge and has also closed the right shoulder of the Head & Shoulder (H&S) highlighted in red triangles. Currently price is trying to break through the resistance trend line and also through the resistance level of the channel it has been consolidating the whole of this week, would...
Gold has hit the resistance trendline of a bullish (falling) wedge clearly seen on the H3 (3 hours) chart, I expect the metal to fall towards the support level and even beyond it to hit the support trendline of the wedge. This fall could mark a break of the D1 (1day) bearish (rising) wedge.
This is my idea and I stand to be corrected.
Trade smart 🔅
Gold has recently touched the resistance trendline of a bullish (falling) wedge on the H1 (1 hour) chart at 1704.10 and currently at a H1 (1 hour) chart resistance at 1696.53.
On the H3 (3 hours) chart the yellow metal has broken through resistance at 1689.51,we can expect it to fall and retest this level, on successful retest, 1689.51 will become a support...
Gold has completed a retest to the H3 (3 hours) bullish (falling) wedge and has formed a new resistance trendline of another bullish (falling) wedge sharing a common support level and common point at 1763.09 with the original wedge. And is bullish heading towards a resistance level at 1736.01 which is also crossed by this new resistance trendline from support...
As seen on the H1 (1 hour) chart, gold has a strong resistance level at 1721.34 which it is at the moment currently retesting. So await price confirmation before placing a trade.
Chart analysis for both short and long term trades:
When looking at the H4 (4 hours) chart there is a bullish (falling) wedge -marked with blue trend lines and arrows - that is found...
