$XAU In the short term, there are two levels to watch for in gold: 4590 and 4456.


If it closes above the 4590 level, there could be a further increase. If it cannot stay above 4776, this rise is still considered a reaction to a decline.
If it does not close above 4590 and stays below 4456, the reverse Cup & Handle pattern is active and targets the blue box below.
If the pattern reaches its target, a Harmonic Bat pattern will form. The pattern is upwardly oriented.
The 4186-4140 blue box area is the reversal zone of the pattern and a range where buyers may come in.
The targets are 4512, 4700, and 4800 levels. The stop level for the pattern is a daily close below 4095.
In an upward move, to say that buyers have strengthened, there must first be a close above the 4776 peak.
XAU0.14%
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