FxWirePro: Gold Forms Bearish Gartley Pattern, Good to Sell on Rallies

FxWirePro: Gold Forms Bearish Gartley Pattern, Good to Sell on Rallies

29 April 2016, 09:11
Roberto Jacobs
0
30

FxWirePro: Gold Forms Bearish Gartley Pattern, Good to Sell on Rallies

  • Harmonic Pattern- Bearish Gartley pattern 
  • Potential Reversal Zone (PRZ) -$1285 
  • The yellow metal has jumped till $1280 today morning and slightly retreated from that level. It is currently trading around $1275.50. 
  • On the lower side major support is around $1260 (4 hours Tenken-Sen) and any break below targets $1250/$1238 (21 day MA) 
  • Gold has temporary top around $1284 (Mar 11th high) and declined till $1205.Any break above temporary top will confirm major trend reversal, a jump till $1300/$1310 is possible.  

It is good to sell on rallies around $1280 with SL around $1286 for the TP of $1251/$1242

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



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