Gold forms bearish Bat Pattern, good to sell on rallies
Harmonic Pattern Formed – Bearish Bat Pattern
Potential Reversal Zone (PRZ) - $1240
The yellow metal has recovered till $1236.60 after making a low of $1214.84. Gold struggles to trade above $1240 and selling pressure at higher levels dragged the yellow metal down till $1224 at the time of writing. It is currently trading around $1225.
Short term trend is slightly weak as long as resistance $1240 holds.
On the lower side any break below $1225 will drag the pair down till $1215/$1208 level.
Overall bullish invalidation only below $1200.
It is good to sell on rallies around $1230-32 with SL around $1240 for the TP of $1215/$1208
Potential Reversal Zone (PRZ) - $1240
The yellow metal has recovered till $1236.60 after making a low of $1214.84. Gold struggles to trade above $1240 and selling pressure at higher levels dragged the yellow metal down till $1224 at the time of writing. It is currently trading around $1225.
Short term trend is slightly weak as long as resistance $1240 holds.
On the lower side any break below $1225 will drag the pair down till $1215/$1208 level.
Overall bullish invalidation only below $1200.
It is good to sell on rallies around $1230-32 with SL around $1240 for the TP of $1215/$1208
