Gold Breaks the Falling Wedge — Is $4,470 the Next Target?
$XAU is currently trading near the key trading levels of $4,400 and $4,370.
From a classical technical analysis perspective, gold has formed a Falling Wedge Pattern and is now trading above its upper trendline, supporting a potential bullish reversal.
Can
#GOLD confirm this breakout and extend its recovery toward $4,470?
Technical Analysis
From an Elliott Wave perspective, gold appears to have completed a Double Three Correction(W-X-Y) inside the Falling Wedge Pattern.
The breakout above the upper trendline further supports the possibility that the corrective structure has ended and a new bullish move is developing.
I expect gold to resume its bullish move over the coming hours and rise at least toward $4,437.
If bullish momentum increases, the move could extend toward $4,461 and eventually the key trading level of $4,470.
Trade Setup
First Take Profit(TP): $4,437
Second Take Profit(TP): $4,461
Stop Loss(SL): $4,360
Key Trading Levels: $4,400 _ $4,370 _ $4,470