Two days ago, we have already pointed out that the 4-hour chart as a form of Double bottom after prices came down hard during the week, at this time, prices have risen around 1290 to 1293. When we draw the Fibonacci Line then we can expect the price to be run in the future. The first target price would be running for the 1296 and if It has power price may be over ...
Price pattern :Now Gold chart crated double bottom pattern and price breakout neckline. Therefore we should open position and take profit that price 1303 Elliott wave: You can see wave 1 that price about 1290 therefore price should decreasing around 1284 You can open position that price around 1303 is first target and second target is 1310 for extension
The chart created double bottom pattern that price will move up to 171.63 is first target and extension price move up to 171.86 in second target. You can open position now and close order when price below 170.80 . Now the price move sideway and created triangle pattern. In the future I think price move up nearly.
Now pattern created double bottom pattern which is reversal pattern. Fibonacci racteament 0.618 is 1299.96 should be the reversal area. There fore you should open order when the price touch near 1299.96 area and you could take profit at the first target at 1312.07 . But if it extension happen it would end at 1331.66 which will be second target area