..love Rambus Chartology, rare to find a free post as it is subscription based.
..so quite likely we will see Gold chop within the blue falling wedge until a breakout of the top line possibly around 3300-3350
GOLD’S NEXT MOVE REVEALED IN THIS CHART!
Back on April 22nd, $GOLD posted a daily reversal bar, kicking off the current correction. As this correction has unfolded over the past month, a possible blue bullish falling wedge may be forming, with the critical 4th reversal point potentially in place—though it’s still a bit early to confirm.
The horizontal dashed lines mark support and resistance, drawn from the prior high, which has flipped from resistance on the way up to now support from above. This S&R line sits at 3165, which could explain the possible 4th reversal point forming.
The earlier support and resistance was the top of the blue triangle consolidation pattern at 2955. If this current low holds support, there’s a chance the blue falling wedge could play out. All the best…Rambus
