themarketzone

Gold rallied above resistance - Completed a bearish Gartley

AMEX:GLD   SPDR GOLD TRUST
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)




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