There can be an ABCD bullish pattern formation which has been set up by the Gold Bulls. According to this pattern, the upside movement started on 10th of July (A Green) ended at (B Green ) on September 8th where the price reached 1357 USD. If this movement is the setup of an ABCD bullish pattern, GOLD price must come down to C (green) point which is Fibonacci Retracement 61.80% at 1.265 USD. And then the price will move towards D ( Green ) point at 1.417 USD which is the Fibonacci Expansion 100% of ABC movement.
Then we can see a pull back towards D ( Yellow) at 1.358 or 1.376 and the price will hit the ultimate target at 1.510 USD Fibonacci Expansion 1.618.
To confirm this pattern price must break down 1.296 USD and make daily closings below 1.296 USD.
We will wait and see.
Then we can see a pull back towards D ( Yellow) at 1.358 or 1.376 and the price will hit the ultimate target at 1.510 USD Fibonacci Expansion 1.618.
To confirm this pattern price must break down 1.296 USD and make daily closings below 1.296 USD.
We will wait and see.
