Harmonic Chart pattern – Bullish Gartley pattern
Potential Reversal Zone (PRZ) - $1205
Gold 0.24% is trading weak for the past eleven trading session and declined almost $57 from the high. The yellow metal dipped till $1243.60 due to strong US dollar -0.03% and rising US yield. It is currently trading around $1244.55.
The yellow metal has formed potential Bullish Gartley pattern in the daily chart and major weakness can be seen below $1205.
On the higher side, near term resistance is around $1254 (23.6% retracement of $1299 and $1240.26) and any break above will take the yellow metal to next level till $1260/$1269 (200- day EMA ).
The near term support is at $1239 and any violation below will drag the metal to next level till $1232 (161.8% retracement of $1305 and $1260.45)/$1223 ( 88.6% retracement of $1204.70 and $1357). Overall bullish invalidation only below $1200.
It is good to buy on dips around $1239-$1241 with SL around $1232 for the TP of $1254/$1260.
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