Gold is attempting to break below a major support zone. The 1280-1270 is an important historic support zone as you can see in the chart (marked with arrows).
If you are thinking about getting long Gold, only a break and close above 1280 will confirm a possible move higher, but I see a scenario that the price spikes down towards 1260 before reversing and climbing above 1280. Check this out:
1260 is the completion zone (PRZ) of a daily bullish Gartley pattern.
1260 is the 61.8 Fib retracement level from previous major swing upward move
1260 is a minor daily structure zone.
In case that the price will spike down towards 1260 and will show reversal signs (smaller time frames patterns), it could be an interesting zone to try and buy Gold with 1280 as initial target and 1310 as secondary target (in case of a breakout above 1280)
If you like this setup, join the Zone followers and subscribe to the Weekly Markets Analysis at WWW.THEMARKETZONE.NET
If you are thinking about getting long Gold, only a break and close above 1280 will confirm a possible move higher, but I see a scenario that the price spikes down towards 1260 before reversing and climbing above 1280. Check this out:
1260 is the completion zone (PRZ) of a daily bullish Gartley pattern.
1260 is the 61.8 Fib retracement level from previous major swing upward move
1260 is a minor daily structure zone.
In case that the price will spike down towards 1260 and will show reversal signs (smaller time frames patterns), it could be an interesting zone to try and buy Gold with 1280 as initial target and 1310 as secondary target (in case of a breakout above 1280)
If you like this setup, join the Zone followers and subscribe to the Weekly Markets Analysis at WWW.THEMARKETZONE.NET