Gold has been controlling the FX market in recent weeks, crushing the US dollar as it rises, however we know from previous data that gold moves in waves, it likes to correct for a month or so before the next wave higher.
We can see price has been correcting since the 7th August (a month ago), we have respected previous highs as support with several wicks, the 38.2 fib level and now it looks like we are going to get a breakout of this wedge formation, personally I do not trade gold I invest in it, and will be looking to buy more gold mining stocks if we get a breakout of this wedge.
We can see price has been correcting since the 7th August (a month ago), we have respected previous highs as support with several wicks, the 38.2 fib level and now it looks like we are going to get a breakout of this wedge formation, personally I do not trade gold I invest in it, and will be looking to buy more gold mining stocks if we get a breakout of this wedge.