Unfolding Patterns in Gold: Bullish Gartley and Bearish Cypher
Mis à jour
Good day traders,
It's been a while, and I trust everyone has been doing great.
Permit me to share my thoughts on the Gold market and the potentially unfolding patterns I am anticipating.
In the current gold market, I have identified two potential harmonic patterns that may be unfolding. The first and larger pattern is a potential bullish Gartley pattern. The X leg originates at 2286.83, and the A leg peaks at 2483.74, establishing the impulse legs. The B leg appears to have completed at 2365.915, corresponding to a 61.8% retracement of the XA leg. At the B leg, the price seems to be finding support. If this support holds, I anticipate a rally towards the 2430-2442 region to form the C leg. Subsequently, I would expect a price drop, provided it is indeed a Gartley pattern. A decline below 2341.540 would invalidate the Gartley pattern formation.
The second and smaller pattern is a potential bearish Cypher pattern. The X leg began at 2483.74, and the A leg seems to have completed at 2383.930. The XA leg was retraced by less than 50% Fibonacci at 2413.715, forming the B leg. Currently, it appears that the price is finding support at 2365.915, which could potentially be the C leg. If this support level holds, we might expect a rally towards the 2430-2442 region, confirming the larger Gartley pattern. If the Cypher pattern is valid, we could see a further rise in price towards the 2471.64 and 2480.00 region to complete the bearish Cypher before a subsequent drop. A drop below 2363.655 would invalidate the potential Cypher pattern formation.
It would be best to wait for a break above the 2384.518 price region in order to allow the market show commitment to move higher. This could provide additional confidence in the outlined outlook. Please note that these patterns may not be formed eventually.
Cheers and happy trading!
It's been a while, and I trust everyone has been doing great.
Permit me to share my thoughts on the Gold market and the potentially unfolding patterns I am anticipating.
In the current gold market, I have identified two potential harmonic patterns that may be unfolding. The first and larger pattern is a potential bullish Gartley pattern. The X leg originates at 2286.83, and the A leg peaks at 2483.74, establishing the impulse legs. The B leg appears to have completed at 2365.915, corresponding to a 61.8% retracement of the XA leg. At the B leg, the price seems to be finding support. If this support holds, I anticipate a rally towards the 2430-2442 region to form the C leg. Subsequently, I would expect a price drop, provided it is indeed a Gartley pattern. A decline below 2341.540 would invalidate the Gartley pattern formation.
The second and smaller pattern is a potential bearish Cypher pattern. The X leg began at 2483.74, and the A leg seems to have completed at 2383.930. The XA leg was retraced by less than 50% Fibonacci at 2413.715, forming the B leg. Currently, it appears that the price is finding support at 2365.915, which could potentially be the C leg. If this support level holds, we might expect a rally towards the 2430-2442 region, confirming the larger Gartley pattern. If the Cypher pattern is valid, we could see a further rise in price towards the 2471.64 and 2480.00 region to complete the bearish Cypher before a subsequent drop. A drop below 2363.655 would invalidate the potential Cypher pattern formation.
It would be best to wait for a break above the 2384.518 price region in order to allow the market show commitment to move higher. This could provide additional confidence in the outlined outlook. Please note that these patterns may not be formed eventually.
Cheers and happy trading!
Note
The key level at 2384.51 has been triggered, and price is now +90pips up.Note
The condition or requirement for the formation of a cypher pattern has been invalidated, while that of Gartley is still very much unfolding. If this is valid, we are still expecting the gold price to appreciate in value in the coming days until the 2430-2442 price region is reached before a massive drop to complete the D leg as shown in the chart below. Currently the analysis is up by +85pips. Note
Just as forecasted, the price of Gold has appreciated by +415pips in less than 24hrs. Note
In this area, we anticipate a significant decline in the price of gold due to the following reasons:1. The current gold price has met the minimum requirement for leg C of the larger unfolding bullish Gartley pattern identified above.
2. A fully formed smaller bearish Gartley pattern has been observed on the H1 timeframe.
3. The price is currently at a key supply zone that coincides with a critical level in our analysis.
see the chart below.
Note
Trade fermée: cible de profit atteinte
Note
Initial cypher pattern held and was formed with some degree of tolerance. This pattern sent price downwards when fully formed.
Note
The potential cypher pattern delivered +940pips for the upward move and +920pips for the downward move. Making a total of +1,860pips gain from this analysis. 
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.