📉 GOLD – Butterfly Harmonic Completed | Retracement Expected Before Next Up Leg
Timeframe: 15-minute chart
Date: May 5, 2025
🔍 Technical Pattern Observed:
Gold has been consistently trading within a series of harmonic patterns, notably forming W-structures throughout each corrective phase. The price action has respected harmonic symmetry, forming:
Multiple Harmonic “W” Formations across past corrections
Now completed a Bearish Butterfly Harmonic pattern
Current level coincides with PRZ (Potential Reversal Zone) of the Butterfly
📊 Market Structure Insight:
Each corrective leg has respected harmonic geometry and shown a lower-low formation after each retracement.
Wave labels W#1 through W#4 highlight a progressive, harmonic-driven downward rhythm.
The recent high forms Point D of the Butterfly pattern – suggesting a short-term retracement is imminent.
📉 Short-Term Bearish View:
With the completion of the Butterfly at the D point, Gold is expected to retrace downward in the short term.
Projected retracement could target $3,240 to $3,180 levels before next upside setup.
Each prior harmonic pattern led to measured pullbacks, and the current setup mirrors the same behavior.
📈 Medium-Term Bullish Outlook:
Despite the short-term fall, the broader harmonic cycle suggests that after the corrective wave completes, Gold may resume its uptrend.
Harmonic reversals are typically wave 2 or wave 4 pullbacks, setting the stage for final wave rallies.
⚠️ Key Levels:
Immediate Resistance: $3,330 (Butterfly D point)
Support Zone: $3,240 → $3,180
Invalidation: Sustained move above $3,340 may delay retracement
📝 Conclusion:
Gold has respected harmonic cycles with precision, and now, after completing a Butterfly Harmonic W-pattern, a short-term correction is expected. Watch closely for confirmation candles and price behavior at key support zones before positioning for the next bullish wave.
📌 Disclaimer: This analysis is for educational purposes only and not trading or investment advice. Please consult your financial advisor before making any trading decisions.
Timeframe: 15-minute chart
Date: May 5, 2025
🔍 Technical Pattern Observed:
Gold has been consistently trading within a series of harmonic patterns, notably forming W-structures throughout each corrective phase. The price action has respected harmonic symmetry, forming:
Multiple Harmonic “W” Formations across past corrections
Now completed a Bearish Butterfly Harmonic pattern
Current level coincides with PRZ (Potential Reversal Zone) of the Butterfly
📊 Market Structure Insight:
Each corrective leg has respected harmonic geometry and shown a lower-low formation after each retracement.
Wave labels W#1 through W#4 highlight a progressive, harmonic-driven downward rhythm.
The recent high forms Point D of the Butterfly pattern – suggesting a short-term retracement is imminent.
📉 Short-Term Bearish View:
With the completion of the Butterfly at the D point, Gold is expected to retrace downward in the short term.
Projected retracement could target $3,240 to $3,180 levels before next upside setup.
Each prior harmonic pattern led to measured pullbacks, and the current setup mirrors the same behavior.
📈 Medium-Term Bullish Outlook:
Despite the short-term fall, the broader harmonic cycle suggests that after the corrective wave completes, Gold may resume its uptrend.
Harmonic reversals are typically wave 2 or wave 4 pullbacks, setting the stage for final wave rallies.
⚠️ Key Levels:
Immediate Resistance: $3,330 (Butterfly D point)
Support Zone: $3,240 → $3,180
Invalidation: Sustained move above $3,340 may delay retracement
📝 Conclusion:
Gold has respected harmonic cycles with precision, and now, after completing a Butterfly Harmonic W-pattern, a short-term correction is expected. Watch closely for confirmation candles and price behavior at key support zones before positioning for the next bullish wave.
📌 Disclaimer: This analysis is for educational purposes only and not trading or investment advice. Please consult your financial advisor before making any trading decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.