This is with reference to an earlier comment on the current situation on Gold.
If we are looking at the weekly chart, is this a bullish Gartley pattern?

While it does respect the fib levels within the legs of the pattern, there are a couple of points which are worth looking into.
Firstly any fib level and subsequently a harmonic pattern is more effective if plotted on a swing high / low which has acted a pivot.
In this case, the starting point of the pattern ‘X’ is a swing low which is a pullback within the existing uptrend. Hence this dilutes the effect of the fib levels.
Secondly, as we can notice the first retracement ‘B’ does not form exactly at the 61.8 level. In a Gartley, this point is often an exact retracement.
Hence we can scale down the effectiveness of this pattern to a lower level.
Now it does not in any way negate the pattern, since price will always respect the fib levels.
But in the favor of the pattern, the reversal point ‘D’ has formed at a confluence of 2 fib levels, as described in the chart image.

So, let’s look at this situation from a different perspective.

Looking at this daily chart, we can observe that there was a bearish Gartley pattern which had formed. The structure of this pattern was quite precise as described in the chart image, and one would expect the pattern to fulfill the price objective….which it did.

One can see that the price objective of this bearish Gartley was achieved quite accurately.
Hence one would expect this price target to turn into a support zone.
Coming back to our bullish Gartley pattern, now we can balance the different views we have on the situation and conclude that –
The point ‘D’ seems to be a support zone which could turn into a reversal area.

Let us plot the initial price objective of this bullish pattern, which should be the initial move…if price rallies up.
In any harmonic pattern, the minimum price objective is the confluence of 2 levels –
(a)    Calculate the distance of the wave ‘B-C’ and plot it on the low of ‘D’.
(b)    The 61.8 – 78.6 Fib retracement of the wave ‘C-D’
We can this set a target zone in this area.
In this case, this target zone is also capped by a trend line which we can plot on the highs of ‘A-C’.

This becomes a target zone and we can expect price to reach there, if the momentum turns bullish.
A safe entry into this long trade would be on the break of the Fib retracement 23.6 (of wave C-D), which is also a major support zone.
Lastly, at the risk of repeating the same point again & again, we never assume anything and do not jump into any trade.
We follow the “If-Then” principle and let price guide us into the trades.
Sunil.