Two harmonics in Gold - Short term bearish ideas
After my previous bullish trading ideas on Gold, it has found the momentum to breakout of its daily down trend line.
Now Gold is facing a strong resistance zone and it is presenting two shorting opportunities based on two harmonic patterns:
1. Bearish AB=CD - Already completed. Right at a daily resistance zone.
2. Bearish Cypher - In case that $XAUUSD will make the attempt to reach 1300$.
I consider both of these setups as short term correction before trying to catch a continuation trade with the new uptrend.
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Now Gold is facing a strong resistance zone and it is presenting two shorting opportunities based on two harmonic patterns:
1. Bearish AB=CD - Already completed. Right at a daily resistance zone.
2. Bearish Cypher - In case that $XAUUSD will make the attempt to reach 1300$.
I consider both of these setups as short term correction before trying to catch a continuation trade with the new uptrend.
If you like what you see, try and visit my site : WWW.THEMARKETZONE.NET
Follow my blog - MARKETZONE.TUMBLR.COM
Subscribe to the weekly newsletter - Weekly Markets Analysis