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Long

Gold forms bullish Bat pattern

FX:XAUUSD   Gold / U.S. Dollar
414 0 8
Harmonic Pattern Formed - Bullish Bat Pattern

Potential Reversal Zone (PRZ)- $1200

The yellow metal has slightly recovered after making a low of $1208. It is currently trading around $1217.90

Short term trend is slightly bullish as long as support $1200 holds.

Any break below $1200 will drag the commodity down till $1180/$1170. Short term bullish invalidation only below $1170.

On the higher side major resistance is around $1225 and break above targets $1240/$1250/$1261.

It is good to buy at dips around $1210 with SL around $1200 for the TP of $1240/$1250
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