On Friday, the trading idea to sell gold in the Intermediary Zone 2006 – 2003 yielded profits. As a result, the local low of March 10 was updated and the price tested the Gold Zone 1971 – 1968.
After the test of the GZ, the price corrected and tried to reach the Intermediary Zone 1998 – 1994, but the buyers failed to do it the first time. I assume that today the gold correction will continue. As a result, the short-term downtrend’s key resistance will be reached.
It is profitable to consider new gold sales in the key resistance zone of 1998 – 1994 according to the pattern with the target at Friday’s low. If the GZ is broken out during the trading and the price consolidates lower, then the TZ 1938 – 1931 will become the next target for sales.
XAUUSD trading ideas for today:
Sell according to the pattern in Intermediary Zone 1998 – 1994.
StopLoss: according to the pattern rules.
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