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Gold forms bearish Bat Pattern, good to sell on rallies

FX:XAUUSD   Gold/U.S. Dollar
551 2 10
Harmonic Pattern Formed – Bearish Bat Pattern

Potential Reversal Zone (PRZ) - $1240

The yellow metal has recovered till $1236.60 after making a low of $1214.84. Gold             struggles to trade above $1240 and selling pressure at higher levels dragged the yellow metal down till $1224 at the time of writing. It is currently trading around $1225.

Short term trend is slightly weak as long as resistance $1240 holds.

On the lower side any break below $1225 will drag the pair down till $1215/$1208 level.

Overall bullish invalidation only below $1200.

It is good to sell on rallies around $1230-32 with SL around $1240 for the TP of $1215/$1208

Related Ideas

SL and TP?
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AMBRISH
8 months ago
Thanks
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