GOLD fALL to SUPPORT line

3 nov 2020

In July, gold was able to gather strength and the price broke through the support level. After which it showed a very strong and sharp growth.

However, by the beginning of August, the price reached its six-month high and began to fall.

During these months, the price moved between the support and resistance lines forming a Wedge pattern. This pattern requires an initial impulse - a sharp rise in July, as well as at least 5 line touches - I marked them on the chart for your convenience.



The specificity of this pattern is that as the pattern is being formed, price fluctuations become less and less - which we see on the daily chart.

Now the price has come to the upper border of the pattern - the resistance line. I expect it to touch it and fall to the support line.

Traders, if you liked this idea or have your opinion on it, write in the comments. I will be glad👩‍💻