GOLD XAUUSD Chart Technical Outlook the focus remains on $2,016
Gold – we have bespoke support between $2,017 and $2,016. With this being close to the 78.6% pullback of $2,015, this area is regarded as substantial support. There are two possible scenarios:
- We first move higher from the 61.8% pullback level of $2,026. This would suggest the completion of a bullish Gartley pattern at our support zone ($2,017-2,015).
- Gold moves directly to the support zone ($2,017-2015). This would suggest only a temporary correction higher within the BC leg of a butterfly formation.
Conclusion: patience is key. I am looking for a move higher from the $2,017-2,015 support zone. The completion of the Gartley formation would highlight a medium-term change in trend.
Resistance: $2,041 (projected 38.2%), $2,061 (projected 88.6%), $2,065 (swing high)
Support: $2,026 (61.8%), $2,017-2016 (bespoke), $2,015 (78.6%)
