XAUUSD Retracement Targets Q2 2016

2 Nis 2016

Gold has been bullish for all of 2016. Previous bullish waves from 2008-2011 experienced a 50% retracement before continuing. Price action must go below 1193 before another major bullish cycle can continue. The current price action appears to be forming a 3 month Head and Shoulders. The neckline has not been broken, so the right shoulder may potentially continue before crossing down. Additional Bearish target support can be found in multiple harmonic patterns. (*Note the Green Harmonic pattern is invalid but it contains 1337 and 1985, so it stays for demonstrative purposes...)