After the trend reversal up on March 17, the gold price began to correct. On Friday, the Additional Zone 1931 – 1930 was broken out. Today the price is trying to test the Intermediary Zone 1913 – 1910.
The Intermediary Zone serves as the border of a short-term uptrend. After its test, look for purchases according to the pattern with the first target at March 17 high. The second target for purchases will be the upper Target Zone 1974 – 1967.
If the IZ is broken out during trading and the price closes lower at the US session, the short-term trend will reverse down. In this case, from the next trading day, look for gold sales with the target in the lower Target Zone 1877 – 1870.
XAUUSD trading ideas for today:
Buy according to the pattern in Intermediary Zone 1913 – 1910.
TakeProfit: 1949, Target Zone 1974 – 1967.
StopLoss: according to the pattern rules.
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