XAU/USD - How to trade this Rising Wedge

OANDA:XAUUSD   Gold / US-Dollar
Hello friends!
Gold ( XAUUSD ) had a strong run-up fueled by news surrounding political issues with the US and Iran.
As the hype settled down, the price topped out slightly above the psychological resistance at 1600.00.
This event was followed by a strong rejection with a 5% decline, leading to the swing low at 1535.00, which is the first confirmation point for our support as well as our Target trading a Rising Wedge .

To confirm a Rising Wedge pattern, we are looking for the following signals:
  • The price touched the Support & Resistance line at least 5 times
  • Higher highs paired with declining volume (Divergence)
  • A prior downtrend
  • Increasing volume at the breakout

The breakout of a Rising Wedge usually happens very quick. I prefer catching my entry after a second confirmation candle.
As mentioned above, our target is located at the low of the Rising Wedge . Our Stop-Loss is located slightly above the most recent high of the pattern.

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Trade ist aktiv: 1557.20