- Harmonic Pattern formed – Bullish Shark pattern
- Potential reversal Zone (PRZ) - $1195.
- The yellow metal has recovered sharply after declining till $1195 on account of slight declining U.S dollar.
- U.S economy has added 235K jobs last month compared to forecast of 200K.
- US Dollar index has declined sharply after breaking below 21- day EMA. It is currently trading around 101.13.
- On the higher side, $1209 (100- day MA) will be acting as next immediate resistance and any break above will target $1218 (55- day EMA)/$1222 (100- day EMA).
- The immediate support is around $1193 (50% retracement of $1122 and $1263.95) and any break below targets $1180.
It is good to buy on dips around $1204-$1206 with SL around $1198 for the TP of $
