Gold rallied above resistance - Completed a bearish Gartley
Over the last few weeks everyone's eyes were fixed on the triple top pattern that was forming below 1300$ (XAUUSD) and its equivalent near 123$ in $GLD.
Well... all those who tried that shorting opportunity got kicked out by last week's rally in Gold.
Now Gold has reached the Sell Zone that I've mentioned to my members last week - The PRZ of the bearish Gartley and the top of a daily trading channel (black).
This is, in my opinion, a much more interesting price zone to look for shorting opportunities on the precious metal.
The potential Sell Zone is 126-128$
Stop loss should be above 130$ (above X)
123.5$ is the first target zone (resistance turns to support)
Well... all those who tried that shorting opportunity got kicked out by last week's rally in Gold.
Now Gold has reached the Sell Zone that I've mentioned to my members last week - The PRZ of the bearish Gartley and the top of a daily trading channel (black).
This is, in my opinion, a much more interesting price zone to look for shorting opportunities on the precious metal.
The potential Sell Zone is 126-128$
Stop loss should be above 130$ (above X)
123.5$ is the first target zone (resistance turns to support)