Based on historical movements of this pair, the W like pattern below most often signals market Bearishness upon completion of this pattern.

Good day Traders, this is Kenny Simon giving a market outlook for this week on the Gold 1Hr chart based on Harmonic Patterns.

As seen on the chart below, a probable ‘W’ like pattern is expected to complete at the D level marked by the blue colored box. Based on historical movements of this pair, the W like pattern below most often signals market ‘Bearishness’ upon completion of this pattern.


XAUUSD
At the moment, price is progressing upwards towards the D point. Previously, prices have often aimed at the PRZ (Potential Reversal Zone) or at the D level before reversing. At the time of writing, current price is at the1,206  level. The expected drop of price is expected to be anywhere between the 1,205 to 1,209 level in reference to historical significant support and resistance. Prices may depreciate upon reversal towards the 1,192 to 1,189 area.
 
Happy Pipping !
Thank you.