🏅GOLD - The formation of the wedge after the rally...
Gold is strengthening on the weak dollar. The 1964 level is tested and a wedge is formed. This pattern can be interpreted as price preparation for further growth.
TA on a high timeframe:
1) Price in consolidation. Most likely, the price is likely to end Friday in the consolidation from 1981 to 1935 and stay there.
2) After the rally, the price is in the consolidation phase, there is a chance to continue growing.
TA on a low timeframe:
1) An upward price channel (local) is formed
2) False breakdown of the 1964 level ends in the formation of a wedge.
3) The wedge after the rally is preparation for further growth. Our target is 1980.
4) The wedge can be deactivated if the support of the wedge breaks. Then the price will go to 1954.
Key support 1962.
Key resistance 1964
TA on a high timeframe:
1) Price in consolidation. Most likely, the price is likely to end Friday in the consolidation from 1981 to 1935 and stay there.
2) After the rally, the price is in the consolidation phase, there is a chance to continue growing.
TA on a low timeframe:
1) An upward price channel (local) is formed
2) False breakdown of the 1964 level ends in the formation of a wedge.
3) The wedge after the rally is preparation for further growth. Our target is 1980.
4) The wedge can be deactivated if the support of the wedge breaks. Then the price will go to 1954.
Key support 1962.
Key resistance 1964
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