The short-term gold downtrend continued yesterday. As a result, May 11 local low was updated, and the price reached the Gold Zone 1818 – 1814. After reaching the GZ, the price corrected, and today tested the Additional Zone 1830 – 1828. The AZ serves as a strong resistance level, so consider new sales in it with the target at today’s low.
If the price manages to consolidate below the Gold Zone, then the next target for sales will be the Target Zone 1782 – 1775. Otherwise, if the level of 1830 is broken out upside, the correction will continue with the target in the Intermediary Zone 1849 – 1846.
XAUUSD trading ideas for today:
- Sell according to the pattern in Additional Zone 1830 – 1828.
- TakeProfit: 1811.
- StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone 1849 – 1846.
- TakeProfit: 1811.
- StopLoss: according to the pattern rules.
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