Gold price is rising due to geopolitical tensions. Yesterday, the traders broke out the Gold Zone 2 1921 – 1919. The Target Zone 3 1937 – 1934 became the next buy target, which was broken out today. Now the Gold Zone 3 1951 – 1949 serves as the target of the short-term uptrend.
It is reasonable to look for new gold purchases on correction at strong levels. According to the margin zones’ methodology, the only strong level that the buyers should pay attention to is the Intermediary Zone 1934 – 1932. It serves as the border of a short-term uptrend. After reaching it, look for a buy pattern. If it breaks out downside, the trend will reverse down.
XAUUSD trading ideas for today:
Buy according to the pattern in Intermediary Zone 1934 – 1932.
StopLoss: according to the pattern rules.