RLinda ! GOLD-> The formation of the wedge A stalemate situation

25 янв. 2023 г.

Gold is in consolidation, an uptrend and buyers are trying to push the price up, but at the same time a bearish pattern is forming

There is an interesting pattern on the chart, which could lead to a price correction to the 1900 area. The upward wedge can be broken downwards, which is the essence of the pattern. If the support of the wedge is broken and the consolidation below the line, the price can go down quite quickly to the 1900 area.

But if a pullback from the wedge support starts to form, the bulls will not let the price fall, and in this case we should expect a rise to 1935, and in the medium term the price can break the consolidation resistance and rise to 1966.

Regards to R.Linda!