Gold continues to trade in a short-term downtrend with a target in the lower Target Zone of 1839 – 1835. The price is now in the zone of favorable sell prices 1870 – 1858. I recommend considering short trades in this zone with the first target at November 16 low and the second target in the Target Zone.
If today or tomorrow the price breaks out the range upside and breaks out level 1870, then the short-term trend will reverse up. In this case, expect the price to reach the upper Target Zone 1890 – 1887 and wait for the update of the November 16 high.
XAUUSD trading ideas for today:
Sell according to the pattern in the zone of 1870 – 1858.
TakeProfit: 1850, Target Zone 1839 – 1836.
StopLoss: according to the pattern rules.