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Gold faces strong support around $1100, short term weakness only below that level

Harmonic Trading pattern: Bullish Cypher

Potential Reversal Zone (PRZ) - $1100

  • Gold has decline till $1112 after making a high of $1156. It is currently trading @ $1113.

  • On the downside major support is around $1100 and any break below will drag the pair further down till $1071.

  • The pair's minor resistance is around $1135 and break above will target $1150/$1160.

  • Overall trend reversal only above $1160.

It is good to buy around $1110-15 with SL around $1098 for the TP of $1145/$1156

 

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