Goldprice has reached the upper limit of the wedge and rebounded.
With the correction it also left the narrow trend channel, reentering the preceding trendchannel.
The next support will be a swing trend line at about 1.279$ and then, stronger than the swing trend line, a double fib retracement: 23.6% (fib from September 2011) and 61.8% (fib from June 2015). Both at ~ 1.250$.
All these movements are within an ascending wedge.
Often breakouts to the top or the bottom happen within a 50% to 75% of the longitude of the triangle. I´ve drawn this zone within the wedge.
It wouldn´t be surprisingly when the goldprice tests another time the lower limit before reclimbing to the top and then, hopefully leaves the triangle to the top.
Taking the opening of the wedge (~21%) and projecting it to the possible leaving point, the goldprice could easily climb to the next resistance: a double fib retracement at ~ 1580$ (1,618% and 61,8% - see explanation for fibs above).
In the long run I stay bullish, with investment possibilities when Gold is correcting - as it does now.
With the correction it also left the narrow trend channel, reentering the preceding trendchannel.
The next support will be a swing trend line at about 1.279$ and then, stronger than the swing trend line, a double fib retracement: 23.6% (fib from September 2011) and 61.8% (fib from June 2015). Both at ~ 1.250$.
All these movements are within an ascending wedge.
Often breakouts to the top or the bottom happen within a 50% to 75% of the longitude of the triangle. I´ve drawn this zone within the wedge.
It wouldn´t be surprisingly when the goldprice tests another time the lower limit before reclimbing to the top and then, hopefully leaves the triangle to the top.
Taking the opening of the wedge (~21%) and projecting it to the possible leaving point, the goldprice could easily climb to the next resistance: a double fib retracement at ~ 1580$ (1,618% and 61,8% - see explanation for fibs above).
In the long run I stay bullish, with investment possibilities when Gold is correcting - as it does now.