WEEKLY - Gold declined sharply last week and recovered after it went down as low as 1611. This week, gold needs to break 1647 (50% Fibonacci) and stay above that level to start its uptrend and MACD has to be above the zero line as well to confirm. If the price fails to break 1647 than gold might stay on the downside and testing 1611 and even lower to 1592 - 1567 this week.
The Bullish Butterfly harmonic pattern is still valid and the price needs to break the thick red line to accelerate its bullish.
In case of further decline, the Bullish Butterfly harmonic pattern scenario will still valid as long as it stays above 1585. Breaks this level then gold might testing December 2011 Low around 1522. See image on this post.
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