L3wis

Gold Potential Rising Wedge/Pennant - $1800 or $1660 next move?

OANDA:XAUUSD   Gold Spot / U.S. Dollar
As we can see, from this Gold chart we have a clear ascending Wedge / Pennant pattern. What is the next move for Gold?

Using the past few weeks of data and news from the FED my personal Bias is LONG on XAUUSD . I believe that Gold will break to the upside out of this pattern and hit $1800 before this pandemic is over. I am adding positions to Gold (as you can see by the chart) and I will continue to do so. However, we must consider the risk of a downside move in light of the FED bailing out the stock market in the form of buying Corporate & Junk Bonds, this money will be directly invested back into the stock market to stabilise it (which in my opinion will be short term) but we must consider this for Gold downside risk, Gold has been uptrending for quite some time and is due a break, however, this does not change my Bias.

Please follow at your own risk and also add comments as to what you currently think on Gold .
Comment: Another Long will be added if Gold can maintain it's push past $1,740. Seems like Long is the correct bias for now as mentioned above in my personal opinion

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