#GOLD ⟶ WILL THE BUTTERFLY PATTERN SPARK A RALLY?
Gold Analysis Summary #Gold
1-Hour Time-Frame ⏰
In the previous analysis, the condition for growth, which was the break of the weekly resistance (2652.693) in the 4-hour time-frame, was met ✅.
#Gold, after confirming the growth based on Scenario 1 of my previous analysis, has started a gradual pullback 📉.
#Gold has the potential to start a new bullish move based on the completion of a Butterfly Harmonic pattern 🦋.
The support zone for stopping the pullback, forming a bottom, and starting the growth based on the harmonic pattern is in the range of 2630.547-2645.449.
In this area, there are 3 key supports where #Gold could start its rise from one of these levels based on the harmonic pattern:
🛡 Support 1: 2645.449
🛡 Support 2: 2638.821
🛡 Support 3: 2630.547-2632.215
Stop-loss for the growth scenario based on the harmonic pattern:
If the support zone of 2630.547 is lost and the price touches 2624.780, #Gold is likely to experience a deeper pullback down to the support ranges of 2597.415-2600.252 and finally 2580.943. These areas can stop the decline and return #Gold to an bullish phase 📈.
Note: The condition for growth based on the Butterfly Harmonic pattern is the break of daily resistance (2654.460) in the 15-minute time frame ⚠️.
Next targets for growth if any of the scenarios are met:
🎯 Target 1: 2691.497
🎯 Target 2: 2722.915-2724.443
1-Hour Time-Frame ⏰
In the previous analysis, the condition for growth, which was the break of the weekly resistance (2652.693) in the 4-hour time-frame, was met ✅.
#Gold, after confirming the growth based on Scenario 1 of my previous analysis, has started a gradual pullback 📉.
#Gold has the potential to start a new bullish move based on the completion of a Butterfly Harmonic pattern 🦋.
The support zone for stopping the pullback, forming a bottom, and starting the growth based on the harmonic pattern is in the range of 2630.547-2645.449.
In this area, there are 3 key supports where #Gold could start its rise from one of these levels based on the harmonic pattern:
🛡 Support 1: 2645.449
🛡 Support 2: 2638.821
🛡 Support 3: 2630.547-2632.215
Stop-loss for the growth scenario based on the harmonic pattern:
If the support zone of 2630.547 is lost and the price touches 2624.780, #Gold is likely to experience a deeper pullback down to the support ranges of 2597.415-2600.252 and finally 2580.943. These areas can stop the decline and return #Gold to an bullish phase 📈.
Note: The condition for growth based on the Butterfly Harmonic pattern is the break of daily resistance (2654.460) in the 15-minute time frame ⚠️.
Next targets for growth if any of the scenarios are met:
🎯 Target 1: 2691.497
🎯 Target 2: 2722.915-2724.443
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.