Gold: Two Opposing Patterns-UPDATE!

MrTopStep.com

Gold is in between two opposing patterns, this often occurs when price is in a sideways consolidation.  Understanding the patterns in both directions offers targets whether remains inside sideways range, breaks to upside or breaks to downside.

  •     Two opposing emerging Butterfly patterns
  •     As long as price holds inside 1684.6 and 1652.6, these remain the sideways extreme targets
  •     A break through 1684.6 invalidates the green Butterfly and has 1709.7 as completion target with scaling point 1697.5
  •     A break down 1652.6 invalidates the blue Butterfly and has 1643.9 completion targ

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By Kathy Garber

 

UPDATE:

Updated Gold futures chart shows adjustment in opposing emerging patterns.

  •     Significant levels 1684.7 & 1667.2 for determining which small pattern will stay in play
  •     Initial line in sand is 1674.8
  •     As long as 1687 is not breached, both the blue Bat & gray Butterfly could both play out

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