Gold forms bearish cypher pattern, good to sell on rallies
Harmonic pattern formed- Bearish Cypher pattern
Potential Reversal Zone (PRZ)- $1160
Gold has made a high of $1141 and started to retreat from that level. It is currently trading at $1129.
Overall trend is weak as long as resistance $1160 holds.
On the lower side minor support are around $1122 and any break below targets $1115/$1100.
The minor resistance is at $1143 and any indicative break above would extend gains till $1156/$1160.
It is good to sell on rallies around $1145-1150 with SL around $1160 for the TP of $1115/$1100.
Potential Reversal Zone (PRZ)- $1160
Gold has made a high of $1141 and started to retreat from that level. It is currently trading at $1129.
Overall trend is weak as long as resistance $1160 holds.
On the lower side minor support are around $1122 and any break below targets $1115/$1100.
The minor resistance is at $1143 and any indicative break above would extend gains till $1156/$1160.
It is good to sell on rallies around $1145-1150 with SL around $1160 for the TP of $1115/$1100.