As part of a short-term uptrend, gold rose to the Gold Zone 1810 – 1808 last week. Buyers tried to break through it but failed. As a result, the price corrected downward and reached the key support of the trend 1796 – 1793. We now see buyers trying to go upward from this key support.
Wait for a bullish reversal pattern and open a long position at this pattern with a target at the maximum of the last week. If last week’s maximum is updated and the price consolidates above the Gold Zone, then Target Zone 2 1831 – 1827 will be the next target for long trades.
XAUUSD trading ideas for today:
Buy according to the pattern in Intermediary Zone 1796 – 1793.
TakeProfit: 1812.
StopLoss: according to the pattern rules.
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