Gold's rally, started near 104 with the completion of the bullish Crab pattern, is about to reach Targets 2&3. The zone between 112$ and 114$ is a strong resistance zone that GLD will have to face if it intends to breakout higher and continue its correction wave. As long as GLD is below 114$, I focus on the bearish side and the 112$ - 114$ zone presents very good shorting opportunity with appealing R/R
The bearish elements: - Target levels of bullish Crab (profit taking) - Completion of two bearish patterns (Gartley and Butterfly) - The 200 SMA line - Downtrend line - Structure
Potential targets are 110$ and 108$.
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