Chart pattern- Head and Shoulder pattern
Potential Reversal Zone - $1480
Gold is consolidating between $1556 and $1480 for the past one month. Any major weakness only below $1480 level. The strong US dollar and easing geopolitical tensions are dragging the yellow metal prices. DXY continues to trade higher and jumped more than 100 pips the previous week.
On the flip side, the near term major support is around $1480 and any violation below will drag the yellow metal till $1460/$1440/$1400.
The near term resistance is around $1512 and any break above targets $1525/$1540. Major bullishness only above $1555.
It is good to sell below $1480 with SL around $1500 for the TP of $1440/$1400.
