Gold is trading in a short-term uptrend. Yesterday, the August 4 high was updated. Therefore, the support zones should be rearranged. The Additional Zone is shifting to the zone of 1784 – 1782. The Intermediary Zone is shifting to the zone of 1767 – 1764. If the price corrects in the abovementioned zones, consider a buy pattern with a target at yesterday’s high. The Target Zone 2, 1817 – 1810 serves as the main target of the trend.
To enter sales and reverse the trend, traders need to update the August 5 low and consolidate the price below level 1764.
XAUUSD trading ideas for today:
- Buy according to the pattern in Additional Zone 1784 – 1782.
TakeProfit: 1800.
StopLoss: according to the pattern rules. - Buy according to the pattern in Intermediary Zone 1767 – 1764.
TakeProfit: 1800.
StopLoss: according to the pattern rules.
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