Gold updated March 1 local high in the Target Zone 1948 – 1942. The short-term uptrend continues.
Now the traders are testing the Additional Zone 1934 – 1932 which serves as a strong support. While this zone is holding, look for new purchases according to the pattern with the target at today’s high. If today’s high is updated, then the price is likely to consolidate above the Target Zone. In this case, the next target for purchases would be the Gold Zone 1975 – 1972.
The alternative is to sell gold. This requires the AZ breakout and price consolidation lower. According to this scenario, the target for sales will be the Intermediary Zone 1917 – 1914. The IZ serves as the border of the uptrend.
XAUUSD trading ideas for today:
- Buy according to the pattern in Additional Zone 1934 – 1932.
StopLoss: according to the pattern rules.
- Sell when the Additional Zone is broken out.
TakeProfit: Intermediary Zone 1917 – 1914.