XAU forming a Bullish Butterfly Pattern ?
Updated
https://www.tradingview.com/x/zPPNGUPk/
# Previous RSI resistance broken that was around 60.80 level,
# If level 1320 gets broken, then the price should target 1344,
# Forming a Bullish Butterfly Pattern ?
Leg XA started at 1049. Leg AB is 78.6 % retracement of Leg XA (1049-1373) @ 1121.17
Leg BC should be 38.2 % - 88.6 % of Leg AB (1121.17 - 1344.58 (if it happens))
Leg CD is 1.618 % - 2.24 % of Leg BC (987.42 - we'll have to wait and see)
Leg CD could might as well be 1.272 % of Leg XC @ 966.08.
Range 966.08 - 987.42 could be PRZ (the Price Reversal Zone).
These all are theories, let's see how things roll over time.
# Previous RSI resistance broken that was around 60.80 level,
# If level 1320 gets broken, then the price should target 1344,
# Forming a Bullish Butterfly Pattern ?
Leg XA started at 1049. Leg AB is 78.6 % retracement of Leg XA (1049-1373) @ 1121.17
Leg BC should be 38.2 % - 88.6 % of Leg AB (1121.17 - 1344.58 (if it happens))
Leg CD is 1.618 % - 2.24 % of Leg BC (987.42 - we'll have to wait and see)
Leg CD could might as well be 1.272 % of Leg XC @ 966.08.
Range 966.08 - 987.42 could be PRZ (the Price Reversal Zone).
These all are theories, let's see how things roll over time.
Note
At the moment, so far I am aware of, besides next week's FED's scheduled meeting for Federal Fund Rates, I think, this element (qz.com/1078300/north-korea-sends-another-missile-over-japan-putting-more-heat-on-china/?utm_source=qzfb) is keeping some upside pressure on XAU. Just wondering which one would be, and if it were, strong enough to push XAU higher invalidating our previous view.
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