Gold Completes Bearish Gartley – What Next on The Cards?

It’s been a while now that the precious metal GOLD has been largely steady as investors await the US Federal Reserve monetary policy meeting on Wednesday. The investors will be looking for clues on the central bank’s outlook for next year.

Technically, the yellow metal has completed the bearish Gartley pattern on the daily timeframe with C to D wave connecting at $1,250. For now, the same $1,250 level is providing a solid hurdle for gold.

In case of a bullish breakout at $1,250, gold can continue heading north to target $1,260 and $1,266. That’s the most likely scenario for tomorrow as I’m expecting breakouts on the FOMC meeting and the rate hike decisions. On the lower side, $1,237 remains a good support zone.

Support Resistance
1238.85 1250.57
1231.82 1255.26
1220.1 1266.98
Key Trading Level: 1243.54