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Gold forms Potential Bullish Shark pattern, good to buy on dips

FX_IDC:XAUUSD   黃金 / 美元
492 0 15
Harmonic Pattern formed – Bullish Shark pattern

Potential reversal Zone (PRZ) - $1180

The yellow metal broken major psychological level on account of rising U.S 10 year bond yield. US 10- year yield rose from the previous week close of 2.49 till 2.61.

Gold             has declined till $1196 and is currently trading around $1197.54.

Market awaits U.S Nonfarm payroll data which is to be released on Mar 10th 2017 for further direction. U.S economy is expected to add 200K compared to forecast of 227K. If jobs data comes weaker than expected less than 115K, EUR/USD             will go up till 1.0680 level.

US Dollar index             has declined after jumping till 102.25.It is currently trading around 101.88.Any break above 102.25 confirms further bullish continuation.

On the higher side, $1209 (100- day MA) will be acting as next immediate resistance and any break above will target $1218 (55- day EMA )/$1222 (100- day EMA ).

The immediate support is around $1193 ( 50% retracement of $1122 and $1263.95) and any break below targets $1180.

It is good to buy on dips around $1188-$1190 with SL around $1180 for the TP of $1206/$1209.
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