Inverted H&S pattern forming within a descending wedge

Feb 2, 2021

Not only is Gold forming an inverted head and shoulders pattern within a descending wedge, it also appears to be forming a decade long cup and handle. Lot's of bullish continuation indicators are presenting themselves but nothing "confirmed" yet. Obviously there has been false breakouts on both the bottom and upper side of this wedge, however, long term I remain bullish on Gold and will be anticipating a true breakout to the upside of the wedge and neckline of this inverted H&S pattern to confirm it's continuation upwards. I believe within the next couple of months, we will receive that confirmation on whether or not price will break above and rally to higher highs, or below these patterns to retrace to lower lows. This is all just speculation, a conservative trader will wait for a clear signal of continuation before taking a position now. Preserve your capital!