Last week, traders unsuccessfully tried to break out the Intermediary Zone 1890 – 1886. As a result, a local corridor was formed between the levels of 1890 – 1870. If the price goes up or down from this corridor, it will mark a further direction for gold trading.
If level 1870 is broken out and the price consolidates below, consider sales with the target at May 3 low.
After the breakout of level 1890 and price consolidation above, consider purchases with the first target at May 5 high and with the second target in the upper Target Zone 1929 – 1922.
XAUUSD trading ideas for today:
Watch the market.