Daily Price Action
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Gold to Revisit 1280?

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This past Monday I wrote about how gold had reached a confluence of resistance at 1322.

It’s the intersection of rising wedge resistance and a horizontal level that has played a role since January 2018.

When I wrote Monday’s post, the market was trading just below 1322.

Fast forward to today, and you can see that gold is now around 1310.

But the significance of Wednesday’s move comes down to a level I pointed out on Monday.

Like any rising wedge, the one below hinted at exhaustion from buyers.

However, up until a few hours ago, this pattern was on the more speculative side. That’s because gold was still trading above wedge support on a 4-hour closing basis.

All that changed earlier in Wednesday’s session.

With gold now below former rising wedge support, buyers are going to have a much more difficult time reversing this week’s bearish momentum.

In fact, Wednesday’s breakdown re-exposes a familiar target.

I wrote about the 1280 handle as a target for gold on February 28th.

You can even see a portion of that same pattern on the left side of the chart below.

As long as the market stays below former wedge support (new resistance) near 1314, I will maintain a bearish bias.

And just like in late February, the target is the most recent wedge’s inception point at 1280.

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Gold rising wedge on the daily time frame

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28 comments
Justin Bennett says

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Reply
    Jenhandebo Jenhandebo says

    Thanks sir very good analysis

    Reply
      Justin Bennett says

      You’re welcome.

      Reply
    PEACE EZENWOYE says

    the only man that sees the future n the forex market

    Reply
      Justin Bennett says

      Ha, if only that were true.

      Reply
Adebayo saheed says

Good and clear analysis… Thanks

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Waseem says

World best expert,, I m speechless to say any word about your treading styl, your just rock the market ,your are the king 👑

Reply
    Justin Bennett says

    Haha, cheers Waseem. Thanks for the support.

    Reply
Nderitu says

It worked perfectly as you commented…..Good work and keep up. I have learnt a lot through your updates.

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    Justin Bennett says

    And still working. Glad it’s helping.

    Reply
Rafiq Ur Rehman Bhatti says

Hi dear please correct resistance is not a 1314…..please check its 1323 may b ………..thanks dear

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    Justin Bennett says

    It’s correct. New resistance was 1314.

    Reply
raja says

100%

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Elijah says

Thanks for the good work

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Chosen says

Thanks for updating us

Reply
nadzuah says

your analysis is amazing justin thank you so much

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Roberto says

Fantastico!!!! Over 190 pips as soon as 16 hour after your post…Bravo Justin!!!

Reply
    Justin Bennett says

    Cheers, Roberto.

    Reply
Grace says

Master your analysis is educative. I’m glad to know about thanks

Reply
    Justin Bennett says

    Thanks for following along.

    Reply
David says

U R No:1 Dude

Reply
    Justin Bennett says

    Cheers, David.

    Reply
Ashly says

So from 1280 is it a buy or we wait for consolidation?

Reply
    Justin Bennett says

    We’ve been discussing all that in the member’s area.

    Reply
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