Gold continues trading in the short-term downtrend. The gold traders are trying to break out the Target Zone 1956 – 1943. If they do, the next downside target will be the Gold Zone 1916 – 1912.
Otherwise, if the TZ is held up by the buyers, the price will be corrected up to the resistance zone of 1997 – 1993. After this zone is reached, one could enter new sell trades with a target at the low of May 18.
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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