Gold forms bearish Bat Pattern, good to sell on rallies

FX:XAUUSD   Gold Spot / U.S. Dollar
554 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

SL and TP?
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out