Gold (XAU/USD) 1H Chart Analysis: Rising Wedge Formation Indicat

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Current Market Condition:

The price is at $2,869.050, showing a +0.46% increase.

The chart shows a strong upward movement, forming a rising wedge pattern (marked in blue).

There was a previous sharp rally, followed by a correction, and then another upward push.


Technical Analysis:

1. Rising Wedge Pattern (Bearish Signal)

The price is moving within an upward-sloping channel.

Typically, a rising wedge suggests a potential breakdown after an initial push higher.



2. Projected Price Action (Marked in Red)

The red arrow suggests a possible fake breakout to the upside.

After reaching a resistance level, a sharp decline is expected as the wedge breaks downward.



3. Key Levels to Watch

Resistance near $2,875-$2,880 (potential reversal zone).

Support near $2,860-$2,850 (possible breakdown target).



4. Economic Events

The icons at the bottom suggest upcoming U.S. economic events, which could add volatility.




Trading Strategy Consideration:

Bullish Case: If price breaks above the wedge and sustains, the uptrend can continue.

Bearish Case: A breakdown below the lower trendline could trigger a sell-off.

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🎉 Another Successful Analysis! 🎉

Big shoutout to all my amazing followers! 🚀 Our latest gold price prediction hit the mark perfectly, just as expected. 📉📈 The market respected the pattern, and we secured another win!

This is why technical analysis and patience are key. More insights and setups are coming—stay tuned! 🔥

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