Currently, based on the price action, the price near or at the Ascending Broadening Wedge line, if the price stays below the upper wedge line, that's a pretty strong indication that gold needs to retrace or retest the broken major down trendline.
Invalidation:
This analysis fails if the price breakout and close above the upper ascending broadening wedge line.
Catalyst:
- JOLTS
- Prelim UoM Consumer Sentiment
- US Sales data
- Unemployment Claims
- Prelim GDP q/q
- FOMC
Invalidation:
This analysis fails if the price breakout and close above the upper ascending broadening wedge line.
Catalyst:
- JOLTS
- Prelim UoM Consumer Sentiment
- US Sales data
- Unemployment Claims
- Prelim GDP q/q
- FOMC
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