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Gold Spot / U.S. Dollar

#Gold at Potential Reversal Zone #forex

Gold started a bullish wave recently. Establishing higher lows structure. However it is facing a key potential resistance area:
  • The completion of ABCD Strcuture at the 1.27 extension level
  • A horizontal resistance(previous swing high) at 1170.00
  • The 200-days SMA is few bucks above at 1176.00


So what's possible?
  • The PRZ among 1170-1176 could provide short term short positions with targets at 1157 and 1138
  • A breakout above 1176 with daily closing would suggest further upside with first target at 1205 . Second target at 1224.


My Best Regards
Technician
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Technician
Technician

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