Gold is correcting as part of a short-term uptrend. The target of the correction is a test of the Intermediary Zone 1793 – 1792. After the test, look for new gold purchases to update yesterday’s high and test the upper Target Zone 1813 – 1810.
To enter sales and reverse the trend, traders need to break out the Intermediary Zone downside and consolidate the price below at the US trading session. In this case, the gold downtrend will resume, so look for sales with a target around January 28 low and the lower Target Zone 1778 – 1775.
XAUUSD trading ideas for today:
Buy according to the pattern in Intermediary Zone 1793 – 1792.
TakeProfit: 1808, Target Zone 1813 – 1810.
StopLoss: according to the pattern rules.