Gold forms bullish Cypher Pattern,good to buy at dips
Harmonic pattern: bullish Cypher pattern
Potential Reversal Zone (PRZ) -$1190.
The yellow metal has broken major support $1225 and declined till $1214.75. It is currently trading around $1217.75.
Short term trend is slightly bullish as long as support $1200 holds.
Any break below $1200 will drag the yellow metal down till $1190/$1175 in short term.
On the higher side major resistance is around $1225 and break above targets $1241/$1258
Short term bullish invalidation only below $1168.
It is good to buy at dips around $1210-$1215 with SL around $1199 for the TP of $1241/$1257
Potential Reversal Zone (PRZ) -$1190.
The yellow metal has broken major support $1225 and declined till $1214.75. It is currently trading around $1217.75.
Short term trend is slightly bullish as long as support $1200 holds.
Any break below $1200 will drag the yellow metal down till $1190/$1175 in short term.
On the higher side major resistance is around $1225 and break above targets $1241/$1258
Short term bullish invalidation only below $1168.
It is good to buy at dips around $1210-$1215 with SL around $1199 for the TP of $1241/$1257
