Yesterday, the gold traders tested the key resistance of the short-term downtrend, level 1801. The price formed a sell signal together with the “false breakout of the previous local high” pattern. As a result, the level of 1782 was reached, as well as the lower Target Zone of 1778 – 1774. It was held by buyers. As a result, today there is a correction in the new key resistance zone 1790 – 1788. At the moment, the zone is being held, so I suggest considering a new sell pattern to update yesterday’s low.
If yesterday’s low is updated, then there is a high probability of the price consolidation below the Target Zone. In this case, the next sales target will be the Gold Zone 1759 – 1757.
An alternative scenario suggests a breakout of the Intermediary Zone, or rather the level of 1790, and price consolidation above. In this case, the target for purchases will be the upper Target Zone 1811 – 1807.
XAUUSD trading ideas for today:
Sell according to the pattern in Intermediary Zone 1790 – 1788.
StopLoss: according to the pattern rules.