The short-term gold uptrend continues to develop. Yesterday, the Gold Zone 1891 – 1889 was broken out. Today buyers tried to reach the Target Zone 2 1907 – 1904, but unsuccessfully. As a result, the price declined. Now it continues to correct with a target in the Intermediary Zone 1887 – 1885.
The IZ serves as the border of the trend. After its test, look for a buy pattern. If it appears, buy the instrument with the first target at today’s high.
In case of the IZ breakout and the price consolidation below level 1885 at the American session, the short-term trend will reverse down. In this case, sell the precious metal. The sales target will be the lower Target Zone 1872 – 1869.
XAUUSD trading ideas for today:
Buy according to the pattern in Intermediary Zone 1887 – 1885.
StopLoss: according to the pattern rules.