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
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
