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Short

Gold forms bearish cypher pattern, good to sell on rallies

FX:XAUUSD   Gold / U.S. Dollar
465 0 7
Harmonic pattern formed- Bearish Cypher pattern

Potential Reversal Zone (PRZ)- $1160

Gold             has recovered after making a low of $1121 on Tuesday. It is currently trading at $1136.

Overall trend is weak as long as resistance $1160 holds.

On the lower side minor support are around $1122 and any break below targets $1115/$1100.

The minor resistance is at $1143 and any indicative break above would extend gains till $1156/$1160.

It is good to sell on rallies around $1145-1150 with SL around $1160 for the TP of $1115/$1100.
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