Gold could drop after rising wedge pattern confirmation

15. Dez. 2022

After the strong reversal from 1620, the break above 3 important levels of resistance, and a high at the 1780 zone, Gold continued to trade upwards making another 2 higher highs.
However, these highs are marginal, and for a month now, Gold is contained in a rising wedge pattern.
Although the pattern is not confirmed yet (it needs a break under rising trend line support) the price action is a suggestion that a reversal could follow.
Selling rallies could be s good strategy with a target at 1760, followed by 1720 in case of a deeper correction.