Gold’s short-term uptrend continued yesterday, and the local high was updated. The price attempted to consolidate above the Target Zone of 1865 – 1858 but failed. So, a correction is developing today. Its target could be to test the Additional Zone 1851 – 1849. Once that zone is tested, I suggest considering new longs according to the pattern with a target at yesterday’s high.
The trend’s boundary is moving to 1833 – 1830. If it is tested, we will look for a pattern to buy again.
Trading plan for XAUUSD for today:
- Buy according to the pattern from Additional Zone 1851 – 1849.
TakeProfit: 1869.
StopLoss: according to pattern rules. - Buy according to the pattern from Intermediary Zone 1833 – 1830.
TakeProfit: 1869.
StopLoss: according to pattern rules.
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