Gold testing strong harmonic zone
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
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week- goo.gl/smQ1hC
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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
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week- goo.gl/smQ1hC
To subscribe to the newsletters - goo.gl/JfOLoR
Comment:
Perfect reversal. Testing resistance now
Comment:
Price still playing inside the 1050-1070.. perhaps breakout is near
