However, i think that we are more likely to see bullish bat pattern even if C point does not meet necessity of BullishBat Pattern (according to rules C point should between 0.382;0.886 fibs).
In a nutshell, we can see short term long term scenario analysis.
Now, I do not have position and watch next 24 hours to detect "potential" daily bullish divergence which can be seen as orange lines. Also price has been oversold according to RSI. It can be good time to take long position for a short time.
Till we breakout from 1265, i won't take a long position.
If we close below 1236, i will take a short position.
Thanks for following me uptill now.
If you put out line to the left, you can see that it was also work as strong support and resistance point. So, I do not want to see that broken line as a gold holder ;D
By the way, I agree that 1240 is critical point but if we see gold as bear, it should breakdown 1202. As long as we stay on top of that point I look positive.