Market participants retested Monday the key support of gold’s short-term uptrend at 1831 – 1830 and failed to break it out. Following the buyers’ reaction, the price grew, and trades closed near the local maximum of the day.
The uptrend continues today, and the buying target will be 20 January’s high. Once the maximum is updated, check if market participants manage to consolidate above the target zone 2 — 1850 – 1847. If they do, the next target will be the Gold Zone 2 at 1865 – 1863.
If the price fails to consolidate above the Target zone, another correction might happen. We will then search for the opportunity to go long under a new correction.
Trading plan for XAUUSD for today:
Hold long positions from Intermediary Zone 1831 – 1830.
TakeProfit: 1850.
StopLoss: at a breakeven level.
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