#Gold at Potential Reversal Zone #forex

FX:XAUUSD   Gold Spot / U.S. Dollar
3212 14 67
Gold             started a bullish wave recently. Establishing higher lows structure. However it is facing a key potential resistance area:
  • The completion of ABCD Strcuture at the 1.27 extension level
  • A horizontal resistance(previous swing high) at 1170.00
  • The 200-days SMA is few bucks above at 1176.00

So what's possible?
  • The PRZ among 1170-1176 could provide short term short positions with targets at 1157 and 1138
  • A breakout above 1176 with daily closing would suggest further upside with first target at 1205 . Second target at 1224.

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Looking really good!
+1 Reply
Glade to see you again
+1 Reply
Technician MahmudReyadh
i am happy to see you again :)
Good to see you again. Good analysis
+1 Reply
Technician Kingfisher1978
Thanks mate.
hi technician welcome back
+1 Reply
Technician manijeh.kazemi.33
Thanks my loyal friend :)
+1 Reply
Perhaps a 2nd retest of that downtrend line, but the gap in the triangle seems to be beckoning!
welcome back mate! Solid analysis as always.
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