Gold may retest upper channel to form a bullish butterfly

1. Moving along newly set bullish trend line.
2. Upper channel coincide with 382 retrace and point (c) of bullish butterfly
3. Continuation of making a flag along upper trend line.
4. Point (d) of butterfly will coincide with TP target of previous idea

This is a short term trade up, then down, then up again if butterfly pattern is formed. Otherwise, bias for gold remains bearish.

Comment:

Gold long is looking good. Resistance at 1234 area will be a critical point for this pattern to complete.

Comment:

Almost there. Watch for 1250-1252 levels for possible break up or reversal. If it breaks, it'll go to 1260 and higher.

Comment:

300 pips, please take profit and shift your stop loss. If it doesn't turn, it will go all the way up.

Trade closed: target reached:

All yours guys.