Premium Preview: Gold Weighing Its Weight

Gold Futures has completed a bearish harmonic pattern, called a Shark, but instead of receiving a medal in its Retrace Mode,  price so far has a shallow retracement, and is currently weighing heavy in consolidation.  There is a triangular formation as well as a GRZ hold.  GRZ stands for Golden Ratio Zone aka the area between 38.2% and 61.8%  fib ratios.

The Day chart shows initial levels for price to hold beyond are 1252.7 or 1230.  An upside break implies a retest of the initial Shark PRZ (Potential Reversal Zone aka the completion zone for a harmonic pattern) with a potential breach of 12987.9 to test 1313.1 but a hold above there has a larger Shark pattern PRZ at 1365 region.

A downside break below 1230 increases the probability of another Retrace Mode attempt, with the ideal minimum target at 1197.1, the ideal targets at 1168.6 and 1047.6 and scaling points at the noted levels with emphasis at 1140 area.

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