Gold – Breaking Out of the Wedge?

29 Oct - GOLD 4hr

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Hi All,

Just a quick update on Gold.  Looking at the 4 hour chart above, it looks like price is in a rising wedge pattern. This is what I believe about patters – the more price consolidates, the larger the break out. Nonetheless, we never know in which direction it will go.

For now, based on the minor resistance level (~1358), my bias is that the sellers will take control. I also have a downward channel. However, the bottom of the channel has been broken, hence, it doesn’t carry enough weight on this occasion.

With that, I shall wait for my set up.. if it presents itself to me  🙂

Thank you for reading and happy trading.

 

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