Expect XAU/USD upswings on Falling Wedge but instant trend reversal unlikely

Both on weekly and monthly graphs of this precious metal prices, falling wedge pattern has been spotted out.

Upswings are expected for sure but instant trend reversal still unlikely.

Break below 1175.35 levels can be seen closely when the bulls may gain buying interest at this levels.

The falling wedge is usually a bullish pattern signaling that one is about to witness the price break upwards through the wedge and move into an uptrend.

But at this level our cautious call is to wait patiently for better confirmation that is yet to support and configure from RSI & stochastic indications as well.

Price movements of this commodity has been oscillating between the trend lines as shown in the chart.

The trend lines of this pattern converge with both being slanted in a downward direction as the price is trading in a downtrend.