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Gold Futures trading inside multiple price wedges
Gold Futures trading inside multiple price wedge structures this morning, making it easy to know where the high percentage trades will occur. Now we need to wait to get those locations to trigger the patterns. We are selling short using the wave pattern below the PLOD and the highs of the medium-term price wedge. We can see the big candlestick wick tells us the sellers have already tried (and failed) once this morning. if they try again this time we will be ready! 1601.0 just above the big round number makes an excellent target for the short side. If we get below 1597.0 we can also sell more now that we’re below the short term price wedge.