On Friday last week, gold began to correct in a short-term uptrend. As part of the correction, traders broke out the Additional Zone 1778 – 1777. It is very likely that the correction will continue, and the Intermediary Zone 1762 – 1759 will be reached.
The Intermediary Zone serves as the border of a short-term uptrend. After reaching it, consider new purchases according to the pattern with the target to update the August 4 high.
To enter sales, traders need to break out the Intermediary Zone and consolidate the price in the American session below. In this case, consider short trades with the target in the lower Target Zone 1729 – 1723.
XAUUSD trading ideas for today:
Buy according to the pattern in Intermediary Zone 1762 – 1759.
StopLoss: according to the pattern rules.