Gold is moving in sideways into a rising wedge pattern and with MACD bearish divergence we might soon have a price reversal to the down. Most likely price is going to reach the 1.27 fib extention level of the previous impulsive wave so we might have some more up and down into this wedge.
When price breaks below the lower bond of the pattern we should watch for a sell setup to complete and go short. Lower in structure we have the completion of a bullish cypher and perhaps price may reach it's D point and reverse. The cypher will be valid if price in the wedge reaches the 1.27 fib ext.
When price breaks below the lower bond of the pattern we should watch for a sell setup to complete and go short. Lower in structure we have the completion of a bullish cypher and perhaps price may reach it's D point and reverse. The cypher will be valid if price in the wedge reaches the 1.27 fib ext.
