If gold does not first fall below $4,235, a double bottom bullish reversal would be signaled on a rally above the recent high of $4,400 on the daily chart, while a weekly breakout would trigger above this week’s high of $4,383.
That would also confirm the higher swing low (C).
An initial key upside target from a rising ABCD pattern would be at $4,973, reinforced by the 61.8% Fibonacci retracement of the prior decline.
Lower Support Levels Remain in PlayOn the downside, key potential support levels remain at the lower swing high of $4,203, which was also the top of a bottom consolidation pattern.
Further down is the 78.6% Fibonacci retracement at $4,117.
If gold does not first fall below $4,235, a double bottom bullish reversal would be signaled on a rally above the recent high of $4,400 on the daily chart, while a weekly breakout would trigger above this week’s high of $4,383. That would also confirm the higher swing low (C). An initial key upside target from a rising ABCD pattern would be at $4,973, reinforced by the 61.8% Fibonacci retracement of the prior decline.
Lower Support Levels Remain in Play
On the downside, key potential support levels remain at the lower swing high of $4,203, which was also the top of a bottom consolidation pattern. Further down is the 78.6% Fibonacci retracement at $4,117.
