Yesterday gold closed trades with a very strong fall, which resulted in reaching the Gold Zone 1820 – 1819 and the Target Zone 2 1802 – 1798. Today, the short-term downtrend continues. The Additional Zone 1812 – 1811 was tested during the Asian session. The AZ serves as a strong resistance, from which the price is now falling. The target of the fall is to update yesterday’s low.
If the Target Zone 2 is broken out during the trading session, then the next target will be the Gold Zone 2 1783 – 1781. If the price grows and consolidates above the level of 1812, then the gold will go into correction with the target in the Intermediary Zone 1822 – 1821.
XAUUSD trading ideas for today:
- Sell according to the pattern in Additional Zone 1812 – 1811.
- TakeProfit: 1802.
- StopLoss: according to the pattern rules.
- Buy when the Additional Zone 1812 – 1811 is broken out.
- TakeProfit: Intermediary Zone 1822 – 1821.
- StopLoss: 1808.
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