XAUUSD: Wedge Pattern
As you see in the 4H time frame, price is in an uptrend and has made a higher high and a higher low.
Currently, price is moving in a rising wedge and is moving towards the resistance level at 1795.
If price breaks the resistance level and closes a bullish confirmation candle in lower time frame (1H) above this level, I expect more rise on XAUUSD towards the next resistance level around 1811.
On the other side, if price gets rejected from 1795 and closed a bearish candle below this level, since rising wedges usually broken out to the downside, we can expect a drop on price towards the support levels at 1765 and 1755.
Currently, price is moving in a rising wedge and is moving towards the resistance level at 1795.
If price breaks the resistance level and closes a bullish confirmation candle in lower time frame (1H) above this level, I expect more rise on XAUUSD towards the next resistance level around 1811.
On the other side, if price gets rejected from 1795 and closed a bearish candle below this level, since rising wedges usually broken out to the downside, we can expect a drop on price towards the support levels at 1765 and 1755.
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