Gold : 61.8% retracement and Bearish Bat pattern
Harmonic pattern Formed – Bearish Bat pattern
Potential Reversal Zone (PRZ) - $1237
Gold has shown minor fall today morning after jumping till $1235.63 level. It is currently trading around $1228.70.
The yellow metal declined almost $10 and is expected to show a minor weakness till $1216 in the short term.
The major resistance is around $1237 (61.8% retracement of $1263.94 and $1195.06) and any break above will take the yellow metal to next level till $1250/$1260 (200- day MA).
It is good to sell on rallies around $1230-$1232 with SL around $1237 for the TP of $1224/$1218.
Potential Reversal Zone (PRZ) - $1237
Gold has shown minor fall today morning after jumping till $1235.63 level. It is currently trading around $1228.70.
The yellow metal declined almost $10 and is expected to show a minor weakness till $1216 in the short term.
The major resistance is around $1237 (61.8% retracement of $1263.94 and $1195.06) and any break above will take the yellow metal to next level till $1250/$1260 (200- day MA).
It is good to sell on rallies around $1230-$1232 with SL around $1237 for the TP of $1224/$1218.