FXWIREPRO: Gold Forms Bearish Bat Pattern, Good to Sell on Rallies

FXWIREPRO: 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

The material has been provided by InstaForex Company - www.instaforex.com