# If level 1320 gets broken, then the price should target 1344,
# Forming a Bullish Butterfly Pattern ?
Leg XA started at 1049. Leg AB is 78.6 % retracement of Leg XA (1049-1373) @ 1121.17
Leg BC should be 38.2 % - 88.6 % of Leg AB (1121.17 - 1344.58 (if it happens))
Leg CD is 1.618 % - 2.24 % of Leg BC (987.42 - we'll have to wait and see)
Leg CD could might as well be 1.272 % of Leg XC @ 966.08.
Range 966.08 - 987.42 could be PRZ (the Price Reversal Zone).
These all are theories, let's see how things roll over time.
Comment:
At the moment, so far I am aware of, besides next week's FED's scheduled meeting for Federal Fund Rates, I think, this element (qz.com/1078300/...-heat-on-china/?utm_source...) is keeping some upside pressure on XAU. Just wondering which one would be, and if it were, strong enough to push XAU higher invalidating our previous view.