Gold forms Bearish Butterfly Pattern, good to sell on rallies
Harmonic Pattern formed – Bearish Butterfly pattern
Potential Reversal Zone ( PRZ)- $1284.79
The commodity has made a high of $1283.79 and declined from that level. Short term trend is slightly bearish as long as resistance $1285 holds.
Any break above $1285 will take the commodity to next level till $1310/$1325 in short term.
On the lower side major support is around $1260 and any break below targets $1250/$1245/$1238.
Short term trend reversal only below $1225.
It is good to sell on rallies around $1275-$1278 with SL around $1285 for the TP of $1256/1238
Potential Reversal Zone ( PRZ)- $1284.79
The commodity has made a high of $1283.79 and declined from that level. Short term trend is slightly bearish as long as resistance $1285 holds.
Any break above $1285 will take the commodity to next level till $1310/$1325 in short term.
On the lower side major support is around $1260 and any break below targets $1250/$1245/$1238.
Short term trend reversal only below $1225.
It is good to sell on rallies around $1275-$1278 with SL around $1285 for the TP of $1256/1238
