#XAUUSD #GLD – Falling wedge forming in daily #Gold chart
Gold OANDA:XAUUSD
Gold has fallen below a strong rising diagonal support line; which for many spells doom. However there may be a saving grace with a bullish (reversal signalling) falling wedge in the process of forming on the Daily. They can sometimes break out after only 4 touches; however if it does drop lower for one more touch (point ‘5’) of the lower support first then we can be quite confident of the reversal playing out.
Trade either point ‘5’ touch with a stop if that lower line is ever breached; or else can enter on upper breakout and/or backtest.