showing a descending wedge (falling wedge) pattern forming

12 jam lalu

This is a 30-minute (M30) chart of XAUUSD (Gold vs. US Dollar), showing a descending wedge (falling wedge) pattern forming, which is a classic bullish reversal setup.

Chart Description:
Pattern Formed:

Descending wedge is clearly drawn with:
Lower highs and lower lows, converging between two trendlines.
Price action is respecting both boundaries of the wedge.
Current price is mid-range inside the wedge.

Projected Price Path (Dotted Arrows):

The chart suggests:
A possible fakeout or final dip towards the wedge's lower boundary.
Followed by a rejection and bullish breakout.
Target would likely be above 3,392+, possibly aiming toward the wedge's origin zone (~3,408 or higher).

Market Implication:
This setup is typically bullish, especially if:
Volume increases near the lower edge.
Price fails to make a new low and starts printing bullish structure (HL → HH).

Summary:
XAUUSD is consolidating inside a falling wedge on the 30m chart, suggesting potential for a bullish breakout. Traders may anticipate one last liquidity sweep before a breakout toward higher resistance levels.

3 jam lalu

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410 pips running,