On Friday, gold corrected to a short-term downtrend’s key resistance at 1782 – 1780. The zone wasn’t broken through. Today, the short-term downtrend continues.
To start selling gold, we need the price to return under 1780 and form a pattern. We will then open short trades with a target at 2 December’s low and the Gold zone 1759 – 1757.
For long positions, the American session needs to close above 1782. We will then have a shift to an uptrend, and the upper Target Zone 1803 – 1799 will be the buying target.
Trading plan for XAUUSD for today:
Sell according to the pattern from Intermediary Zone 1782 – 1780.
TakeProfit: 1763, Gold zone 1759 – 1757.
StopLoss: According to pattern rules.
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