Ascending Broadening Wedge on Gold

Jan 30, 2018

An ascending broadening wedge has formed on daily gold chart and if it crosses the support line I believe the price could fall all the way down to the wedge's bottom level.

Jan 31, 2018

Note

Price bounced back up and stays within the formation. I doubt it will fall in the next several days at this point. It may complete another loop to 1360 and fall from there.

Feb 2, 2018

Trade active

Sharp move down triggered my order so now the trade is open

Feb 6, 2018

Note

Price almost triggered my stop loss but I still think it will go down, possibly within such a downward channel:

Feb 6, 2018

Note

As I suspected, price moved down within a channel so I'm glad I didn't close the trade. I'm confident it will go lower so I'm keeping the set up as is:

Feb 7, 2018

Note

Price might be forming an upside down cup with a handle suggesting further movement down towards the take profit levels

Feb 7, 2018

Trade closed: target reached

Target reached! We are near a previously major support level so I'm not sure what the price will do next, will watch out for next signals.