XAU/USD Bearish Gartley with Possible Bullish Trend Continuation

10 thg 6, 2018Gold remains difficult to predict as to which direction it will take.
However, from a technical perspective there is still hope
that gold will climb to the upside. Currently gold is still
ranging, technically so due to the 200SMA running flat since
March, 2017 and fundamentally probably due to rising
interest rates and quasi political stability.

Though regardless of the fundamentals, the key level really
to watch out for is the 1255/60 zone for a couple of reasons:
1. It is the low of the entry candle for the bullish triple
bottom pattern from exactly 4 years ago
2. It is the bullish cross-over level of the 50 & 200SMA
3. It is just below the 61.8% retracement of the CD leg of
the bearish Gartley pattern

Therefore, a close above this level would certainly
see bullish momentum increase and once price closes
above the 50SMA we can start targeting the 1380, 1480
and likely, too, the 1580 levels above.

So keep an eye on the 1255/60 zone for a possible bullish
trend continuation.

Happy trading