Gold (GC) Broke Weekly Chart Descending Wedge Resistance

Articles From: Tradable Patterns
Website: Tradable Patterns

Gold (GC) is consolidating after yesterday’s massive near 3% surge, breaking above descending wedge resistance (on the weekly chart).  GC is in the advanced stages of forming a major bottom and is suddenly closing in on the October high.  Chances are decent though for some healthy profittaking ahead of the weekend where initial support at the psychologically key 1700 whole figure level should kick in.  GC is now unlikely to retest its 2022 low before year end.  Watch for volatility in the next few days as results from the US midterm elections trickle in, as well as with Thursday’s US CPI data and Friday’s US preliminary UoM consumer sentiment.  The escalation in the Ukraine-Russia conflict deserves close monitoring.  Congratulations to readers alerted Feb 9, 2022 to the looming completion of the weekly chart triangle along with the major triangle connecting the 2018, 2019 and 2020 lows and who benefited.  The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Wednesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on SILVER, GBPUSD: https://tradablepatterns.com/wp-content/uploads/2022/11/Gold_Technical_Analysis_Nov0922.pdf

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Source: Interactive Brokers TWS

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