The short-term gold downtrend continued on Friday. As a result, the November 16 low was updated, and the Target Zone 1839 – 1835 was reached. After reaching the TZ, the price corrected to the Additional Zone 1849 – 1848. Now the price is rolling down from this resistance. The probability of the decline continuation remains. The fall target will be the update of today’s low and the breakout of the Target Zone.
If the TZ is broken out, the next sales target will be the Gold Zone 1820 – 1819. If the TZ is held, a correction will develop. Consider sell patterns within the correction. The trend border moves to the zone of 1859 – 1857.
XAUUSD trading ideas for today:
- Sell according to the pattern in Additional Zone 1849 – 1848. TakeProfit: 1839. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone 1859 – 1857. TakeProfit: 1839. StopLoss: according to the pattern rules.