FxWirePro:Gold forms Bullish Shark pattern, good to buy on dips
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 23…
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 $
