Gold is trading in the short-term downtrend. The gold traders tried to break out the Target Zone 1956 – 1943 yesterday but failed. The price has been corrected up.
If the correction continues today, the price will reach resistance (А) 1997 – 1993. After this resistance zone is tested, one could enter new sell trades with a target at the low of May 18.
If resistance (A) is broken out, the price will reach resistance (B) 2020 – 2014. This is the border of the short-term downtrend, so one could also enter sell trades there.
XAUUSD trading ideas for today:
- Sell according to the pattern at resistance (А) 1997 – 1993.
TakeProfit: 1953.
StopLoss: according to the pattern rules. - Sell according to the pattern at resistance (В) 2020 – 2014.
TakeProfit: 1953.
StopLoss: according to the pattern rules.
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