XAUUSD Gold's wedge peak // Make it or break it! 26.3
Key resistance at 1980-2006, peak of rising wedge pattern combined with horizontal resistance stretching back to 2020.
Support of wedge is at 1911 and is a very probably short to mid term target of this technical movement within the wedge.
A candle close above the 2006 mark may spark an immediate rally towards the next immediate key resistance at the ATH of around 2080.
This is a less probable but possible scenario.
Best course of action would be to monitor behavior around current levels when market opens to see if reversal gains momentum or if there's a shift up.
There's a $70 high potential downside to resume when market opens - Worth keeping an eye out!
-----------------------------------------------------------------------------------------------------------------------
I am not a financial advisor and recommend doing your own research as well as practicing caution while trading
Would highly appreciate any comments/requests or criticism - Thank you!
-----------------------------------------------------------------------------------------------------------------------
Support of wedge is at 1911 and is a very probably short to mid term target of this technical movement within the wedge.
A candle close above the 2006 mark may spark an immediate rally towards the next immediate key resistance at the ATH of around 2080.
This is a less probable but possible scenario.
Best course of action would be to monitor behavior around current levels when market opens to see if reversal gains momentum or if there's a shift up.
There's a $70 high potential downside to resume when market opens - Worth keeping an eye out!
-----------------------------------------------------------------------------------------------------------------------
I am not a financial advisor and recommend doing your own research as well as practicing caution while trading
Would highly appreciate any comments/requests or criticism - Thank you!
-----------------------------------------------------------------------------------------------------------------------
Trade active:
Resistance was kept, market dropped $50 and is looking to be behaving within the rising wedge
