BIAS: NEUTRAL
I was short bias on this, which is still possible. However, Gold has formed a textbook Descending Wedge which is a considered as a continuation pattern but the only obstacle on its way is a very strong monthly resistance.
This wedge is also sitting on an ascending trendline and price breaks that trendline we are confirming a nice downtrend for Gold.
In conclusion, Gold is currently in no man's land, it would either break the wedge or the trendline, we have to play it by ear.
I am going for it to either break the two before I make a trading decision on this pair.
I was short bias on this, which is still possible. However, Gold has formed a textbook Descending Wedge which is a considered as a continuation pattern but the only obstacle on its way is a very strong monthly resistance.
This wedge is also sitting on an ascending trendline and price breaks that trendline we are confirming a nice downtrend for Gold.
In conclusion, Gold is currently in no man's land, it would either break the wedge or the trendline, we have to play it by ear.
I am going for it to either break the two before I make a trading decision on this pair.
Trade active
Trade closed: target reached
