#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
Subscribe to my trading portal thefxchannel.com