Last week, the short-term downtrend reached its main target, the lower Target Zone 1785 – 1778. After reaching the TZ, the price corrected and broke out the Additional Zone 1804 – 1802. The next correction target is the Intermediary Zone 1824 – 1820.
The Intermediary Zone serves as the border of a short-term downtrend, so after the price reaches it, look for sales according to the pattern with a target at Friday’s low.
To reverse the trend, traders need to break out level 1824 and consolidate the price in the American session higher. In this case, the short-term trend will reverse up, so look for purchases with the target in the upper Target Zone 1863 – 1856.
XAUUSD trading ideas for today:
Sell according to the pattern in Intermediary Zone 1824 – 1820.
StopLoss: according to the pattern rules.