Weekly Pattern and Weekly Structure being tested
Gold is trying to break above 1400$
The current Resistance Zone (as I see it) is between 1400-1425$ and it includes a weekly harmonic trading pattern (Butterfly), a weekly structure zone (blue) and the bottom of a broken uptrend line.
If Gold will break higher, it will continue north, probably to test the 61.8 Fib correction level.
As long as it stays below 1400-1425$, chances are that we will see some sort of a short term correction move (bearish)
The current Resistance Zone (as I see it) is between 1400-1425$ and it includes a weekly harmonic trading pattern (Butterfly), a weekly structure zone (blue) and the bottom of a broken uptrend line.
If Gold will break higher, it will continue north, probably to test the 61.8 Fib correction level.
As long as it stays below 1400-1425$, chances are that we will see some sort of a short term correction move (bearish)