Heading towards strong resistance zone - Bearish harmonics
Gold's rally, started near 104 with the completion of the bullish Crab pattern, is about to reach Targets 2&3.
The zone between 112$ and 114$ is a strong resistance zone that $GLD will have to face if it intends to breakout higher and continue its correction wave.
As long as $GLD is below 114$, I focus on the bearish side and the 112$ - 114$ zone presents very good shorting opportunity with appealing R/R
The bearish elements:
- Target levels of bullish Crab (profit taking)
- Completion of two bearish patterns (Gartley and Butterfly)
- The 200 SMA line
- Downtrend line
- Structure
Potential targets are 110$ and 108$.
his analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews - goo.gl/h30tJk
To subscribe to the newsletters - goo.gl/HXjCPV
The zone between 112$ and 114$ is a strong resistance zone that $GLD will have to face if it intends to breakout higher and continue its correction wave.
As long as $GLD is below 114$, I focus on the bearish side and the 112$ - 114$ zone presents very good shorting opportunity with appealing R/R
The bearish elements:
- Target levels of bullish Crab (profit taking)
- Completion of two bearish patterns (Gartley and Butterfly)
- The 200 SMA line
- Downtrend line
- Structure
Potential targets are 110$ and 108$.
his analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews - goo.gl/h30tJk
To subscribe to the newsletters - goo.gl/HXjCPV
Comment:
$GLD inside sell zone
