Hi everybody, hope you guys are all doing well :)
Chart of the day: Gold/Dollar
Bais: Uptrend - On the 1-hour timeframe price action is moving in a bullish channel (Solid line). Inside the bullish channel price action has created a pattern inside a pattern which is a rising wedge (Dotted line), which indicates a possibility for a high probability trend continuation to the downside. Instead, price action broke above the rising wedge & resistance zone simultaneously. We will wait for price action to retest the broken zone to find entries to the upside.
Please don't forget to leave your thoughts and comments and if you benefited in any way from this post please like & share.
Trade safe & have a great trading week :)
Chart of the day: Gold/Dollar
Bais: Uptrend - On the 1-hour timeframe price action is moving in a bullish channel (Solid line). Inside the bullish channel price action has created a pattern inside a pattern which is a rising wedge (Dotted line), which indicates a possibility for a high probability trend continuation to the downside. Instead, price action broke above the rising wedge & resistance zone simultaneously. We will wait for price action to retest the broken zone to find entries to the upside.
Please don't forget to leave your thoughts and comments and if you benefited in any way from this post please like & share.
Trade safe & have a great trading week :)