Gold has several positive patterns with bullish expectations..
Technically, we see the formation of a positive harmonic pattern within a corrective price pattern (whose limits are drawn in black). This model is a reversal pattern that can push the price higher. In addition, there is another reversal pattern In the chart (Double Bottom): the first bottom was on April 18 at 1271$ and the second one was on April 23 at 1266$). The price has broken the neckline at 1280$ and made a correction as well. The 1280$ level is so important that when the daily candle closes above this level is a sign of a return to the possibility of the price to go up.
Our targets can be accordingly at: 1293 (61.8% Fib), 1301 (78.6% Fib), 1310 (first peak in the harmonic pattern), and finally 1324 (second peak in the harmonic pattern) and at the strong resistance zone.
Of course, the above analysis requires that the price remains above 1266, but if this level is broken, gold will be expected to go down to the levels of 1260 and reach 1240 respectively in the med-term ..
I wish everyone successful trades, Regards,
Our targets can be accordingly at: 1293 (61.8% Fib), 1301 (78.6% Fib), 1310 (first peak in the harmonic pattern), and finally 1324 (second peak in the harmonic pattern) and at the strong resistance zone.
Of course, the above analysis requires that the price remains above 1266, but if this level is broken, gold will be expected to go down to the levels of 1260 and reach 1240 respectively in the med-term ..
I wish everyone successful trades, Regards,
