GOLD Rising wedge pattern is underway as correction move
GOLD
has dropped suddenly because of hurdles in the economic stimulus talks as the Parliament session going to adjourn the number of days remain to enact the law is diminishing and the chances are there to dropping the stimulus talks plans.
Yesterday the fundamental factors has caused the USD to rise and in turn the GOLD has felled towards 1882.00 level.
After the pin bar rejection at this level the price has reached the 1900.00 key psychological level.
And a nice rising wedge pattern was underway. The price will drop from 1904.00-1907.00 level as this levels are acting as resistance for the bull and 0.50 Fibonacci retracement level will be a testing ground for both the Bull and bear. We can mark the rising wedge pattern as ABCDE Elliot wave pattern.
I Am expecting that the Correction wave E will end at 1904.00 level The swing target would be around 1871.00 level.
has dropped suddenly because of hurdles in the economic stimulus talks as the Parliament session going to adjourn the number of days remain to enact the law is diminishing and the chances are there to dropping the stimulus talks plans.
Yesterday the fundamental factors has caused the USD to rise and in turn the GOLD has felled towards 1882.00 level.
After the pin bar rejection at this level the price has reached the 1900.00 key psychological level.
And a nice rising wedge pattern was underway. The price will drop from 1904.00-1907.00 level as this levels are acting as resistance for the bull and 0.50 Fibonacci retracement level will be a testing ground for both the Bull and bear. We can mark the rising wedge pattern as ABCDE Elliot wave pattern.
I Am expecting that the Correction wave E will end at 1904.00 level The swing target would be around 1871.00 level.
