Gold is Reversing Lower

Gold ($1,194.06)

The yellow metal is starting to reverse and move lower. Please note the above daily MT 4 chart where we are seeing a bearish rising wedge pattern developing. This is a bearish reversal signal, indicating a move lower ahead.

At this point, we need a close below the floor near 1201.50. If this happens we will challenge a congestion zone marked from 1178. 87 to 1180.85. Should gold correct higher, then we need to break back above a congestion zone at 1212.25 to 1216.80 to target the technical level at 1223.90.