The short-term gold trend reversed down. Yesterday, the Intermediary Zone 2037 – 2034 was broken out. Then the price reached the lower Target Zone 2004 – 1997. At the close of the American session, the TZ was broken out. Today at the Asian session, the price reached the GZ 1971 – 1968. After that, it corrected.
As part of the correction, traders tested the resistance, the Additional Zone 1988 – 1987. Now the first sellers’ reaction to the test of this resistance can be seen. Today it is profitable to look for sales in the AZ according to the pattern with the target at the day’s low.
If gold price continues to grow and eventually breaks out the AZ, then consider sales in the trend border of 2006-2003.
XAUUSD trading ideas for today:
- Sell according to the pattern in Additional Zone 1988 – 1987.
TakeProfit: 1970.
StopLoss: according to the pattern rules. - Sell according to the pattern in Intermediary Zone 2006 – 2003.
TakeProfit: 1970.
StopLoss: according to the pattern rules.
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