themarketzone

Gold testing strong harmonic zone

FX:XAUUSD   Gold/U.S. Dollar
a year ago
Gold             price broke below 1080 last week and created a new low. The latest sell off started from the bearish pattern I mentioned here few weeks ago and was accelerated when Gold             broke below its weekly uptrend line.
The critical support now is 1040-1060$.
As you can see, Gold             will complete two weekly bullish patterns inside this zone – Bullish Crab and Bullish AB=CD .
With $DXY             testing harmonic resistance zone, Gold             can definitely benefit from Dollar weakens.

Nearest target zone is 1080 (was support, now resistance) and later on, if Gold             will overcome this resistance zone, 1120$, 1140$ and 1180 will be tested.

Tomer, The MarketZone.net
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a year ago
Comment: Perfect reversal. Testing resistance now
a year ago
Comment: Price still playing inside the 1050-1070.. perhaps breakout is near
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Tomer J,
The Market Zone - You trading Edge
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