XAU/USD: Gold daily rising channel or wedge?
Gold is still in daily uptrend for now, several possibilities, counts and structures could be developing...
Did we finish wave 1 and are we in correction (rising flat, channel might help determine where it ends, watch out: no precision since several ways to connect tops...) OR are we on our way to complete a rising wedge and possible leading diagonal...?
First major uptrend target is the weekly down trendline. There is also the possibility of a weekly Cypher around 1350...
Depending on what develops, the TF in which it does and possible confluence of different factors we might have some good trade opportunities coming in the next 2 months or so.
Brexit referendum might result in a major move though, depending on the result and the market's reaction this might help us complete one of the patterns on chart or mess up everything completely... ;-)
Did we finish wave 1 and are we in correction (rising flat, channel might help determine where it ends, watch out: no precision since several ways to connect tops...) OR are we on our way to complete a rising wedge and possible leading diagonal...?
First major uptrend target is the weekly down trendline. There is also the possibility of a weekly Cypher around 1350...
Depending on what develops, the TF in which it does and possible confluence of different factors we might have some good trade opportunities coming in the next 2 months or so.
Brexit referendum might result in a major move though, depending on the result and the market's reaction this might help us complete one of the patterns on chart or mess up everything completely... ;-)
