XAUUSD consolidating upwards

Dec 22, 2022

Things have been quite boring since we are stuck in the rising consolidation on Gold. Anyways, just to highlight the fact that things are pretty stuck in this entire range. All we can do is wait at the moment for a clear direction. The red line marks the ascending resistance where the yellow line marks the bearish lifeline. Since gold has failed to cross both of them throughout the December, 2022, we are not having a clear direction about what we should be expecting. Anyways, I would refrain from commenting anything further since we are stuck in consolidation zone. A rising consolidation usually marks a bearish reversal in the making but if the red trendline is breached we could be expecting higher target zone between 1867-1883. However, if we managed to break the lower support i.e. the yellow line of this rising wedge you may consult my previous idea about gold (related ideas) about potential targets and demand zones.

A clear breakout is better than torturous consolidation! Maybe January could bring something more interesting

Be patient, best of luck and happy trading :-)

Jan 9, 2023

Trade closed: target reached

Higher targets achieved