Gold Completes Bearish Gartley – What Next on The Cards?

The yellow metal gold has completed the bearish Gartley pattern on the daily timeframe with C to D wave connecting at $1,250. For now...

Written by: Arslan Butt • Tuesday, December 18, 2018 • 1 min read

• Last updated: Tuesday, December 18, 2018

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

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.