#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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