Gold in Descending Broadening Pattern

Jul 16, 2020

Gold is in correction wave after finished its 5th wave at 1817.98 on July 8th last week. On H4 we can see price is forming Descending Broadening pattern that will bring this upside some more. On lower timeframe we can also see Penant pattern which will break its triangle upside soon. To be consider, we will enter new moon phase on July 20th which usually will bring price down. But days before new moon price usually going sideway or upward.