FxWirePro: Gold forms Bearish Gartley Pattern, good to sell on rallies
Harmonic pattern formed – Bearish Gartley pattern. Potential Reversal Zone (PRZ) - $1361. Gold has shown a good jump in previous week almost more than $40 on account of increasing safe haven demand due to trade war issue…
Harmonic pattern formed – Bearish Gartley pattern.
Potential Reversal Zone (PRZ) - $1361.
Gold has shown a good jump in previous week almost more than $40 on account of increasing safe haven demand due to trade war issues between US and China. The yellow metal hits high of $1350.73 and shown a minor profit booking .It is currently trading around $1343.85.
The yellow metal has formed bearish gartley pattern and any bullish continuation only above $1361. On the higher side, near term resistance is around $1355 (88.6% fib) and any break above will take the yellow metal to next level till $1361/$1366. Overall bullish continuation only above $1366.
On the lower side, near term support is around $1343 and any break below will drag the yellow metal down till $1338/$1334.
It is good to sell on rallies around $1347-$1348 with SL around $1354 for the TP of $1331.
