Gold descending wedge breakout + retest?

18 Jun 2018

**Drag chart across to view text
**Ascending wedge arrow should be "descending wedge"
TECHNICAL

Reason 1:

Pattern: Ascending wedge
1. Broken out of ascending wedge sideways
2. Retested ascending wedge upper descending trend line on 15/06/2018 during selloff

Reason 2:
-RSI oversold at similar levels to in the past

Reason 3:
-At lower limit of daily bollinger band

FUNDAMENTAL

-US trade war escalating with china, canada, france

Still fairly new to trading, appreciate any comments, tips etc. Just an idea. I am not advising to place a trade

18 Jun 2018

Nota

Looking like may be forming an ascending triangle reversal pattern on the 30 minute timeframe with resistance @ 1282.00 (Physchological level?)
Setting a buy stop order 10 pips above @ 1282.10, SL @ 1276.9, TP to be updated, as if there is a breakout to the upside, move expected to be very bullish over the long term from personal research.

18 Jun 2018

Nota

Doji candle also formed within the selloff, at the resistance level of the possible ascending triangle reversal

18 Jun 2018

Nota

**on the 30 minute chart