GOLD Overview

I have published this chart at the end of June.

Even we have entered a short trade at 1437.

Now the price met second entry of the butterfly 142 % Fib and Daily AB=CD.

On the smaller charts, we have another butterfly I published today. It is almost a perfect butterfly pattern with all ratios covering the requirements of a perfect butterfly pattern.

on the downside, we have 1429 support.

If XAU can end the week below 1429, it is likely to test 1421 ( 1.27 Fib of Daily Butterfly Entry.)

Here we have the critical level.

Closing below 1421 will send the price 1408 $ ( Fib 23.6 Retracement of the Big Butterfly )

The next level is 1382 Fib 38.2 ...

Close below 1382 is the real validation of the big butterfly targeting Fib 50% 1359 $ and Fib 61.8 1339 $

However, this scenario needs ( in order )

No 1. Close below 1429
No 2. Close Below 1421


When we see the above conditions (No 1 and No 2) are filled, we can start to think about a further drop.

Comment:

Bullish Swan Posted