Gold’s short-term uptrend continues, with the growth target being 24 May’s high.
The Intermediary Zone 1833 – 1830 was tested yesterday. The zone was held, and market participants are forming a pattern to buy today. Once a pattern forms, I suggest opening long positions with the target mentioned above.
If the Target Zone 1865 – 1858 is broken out to the upside and the price steadies there during the US session, the next growth target will be the Gold Zone 1898 – 1894.
To sell gold, market participants need to consolidate below level 1830. We will then have a shift to a downtrend and consider shorts with a target in the lower Target Zone 1797 – 1790.
Trading plan for XAUUSD for today:
Buy according to the pattern from Intermediary Zone 1833 – 1830.
StopLoss: according to pattern rules.