Gold’s Safe Haven Diminishes – Bearish Gartley in Action!

Gold remains under pressure as the risk appetite diminished after getting a boost from an agreement between the United States and Canada to salvage a North American free trade deal. Which is why the demand for haven assets seem to drop.

As a result, gold is trading under pressure. Recalling our previous update, Gold Takes A Bullish Turn – Bullish Butterfly In Play, gold traded in line with the forecast and remained bullish.

For the moment, we have a new Gartley pattern which is bearish in nature. As you can see on the hourly chart, gold is heading towards $1,195 to complete C to D wave. Technically, this level should work as a major resistance now.

So my plan is to wait for a bullish breakout to target $1,200. Else, gold is likely to stay bearish until $1,188. Good luck and stay tuned!