At the end of last week, gold corrected in the trend border of 1911 – 1908. On Friday, there was an attempt to break out this resistance, but at the close of the American trading session, the price returned below the level. As a result, the resistance was held, and the price declined in the Gold Zone, 1890 – 1886.
The main downside target is the update of April 28 low. The second target for sales is Target Zone 2, 1854 – 1847.
To enter purchases, traders need to break out the Intermediary Zone and consolidate the price higher. In this case, the short-term trend will reverse up, and the target for purchases will be the upper Target Zone, 1950 – 1944.
XAUUSD trading ideas for today:
Sell according to the pattern in Intermediary Zone 1911 – 1908.
StopLoss: according to the pattern rules.