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Long

Gold forms bullish Cypher Pattern,good to buy at dips

FX:XAUUSD   Gold Spot / U.S. Dollar
588 0 11
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
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