Gold forms Bearish Gartley pattern, good to sell on rallies
Harmonic Pattern- Bearish Gartley pattern
Potential Reversal Zone (PRZ) -$1285
The yellow metal has jumped till $1280 today morning and slightly retreated from that level. It is currently trading around $1275.50.
On the lower side major support is around $1260 (4 hours Tenken-Sen) and any break below targets $1250/$1238 (21 day MA)
Gold has temporary top around $1284 (Mar 11th high) and declined till $1205.Any break above temporary top will confirm major trend reversal, a jump till $1300/$1310 is possible .
It is good to sell on rallies around $1280 with SL around $1286 for the TP of $1251/$1242
Potential Reversal Zone (PRZ) -$1285
The yellow metal has jumped till $1280 today morning and slightly retreated from that level. It is currently trading around $1275.50.
On the lower side major support is around $1260 (4 hours Tenken-Sen) and any break below targets $1250/$1238 (21 day MA)
Gold has temporary top around $1284 (Mar 11th high) and declined till $1205.Any break above temporary top will confirm major trend reversal, a jump till $1300/$1310 is possible .
It is good to sell on rallies around $1280 with SL around $1286 for the TP of $1251/$1242