As of Monday morning, gold’s short-term uptrend continues. The growth targets are 1792 and the upper target zone 1803 – 1799. Still, buyers cannot break through local resistance at 1790 – 1788. As long as that level is sustained, quotes are likely to drop and update Friday’s low of 1770. If that level is broken and the price consolidates below, the short-term trend will reverse down. We will then sell the precious metal, and the lower Target Zone 1755 – 1751 will be a target to go short.
Trading plan for XAUUSD for today:
Sell aggressively according to the pattern from Intermediary Zone 1790 – 1788.
TakeProfit: 1770.
StopLoss: According to pattern rules.
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