Gold is trading up in the short term. Last week, the price broke out the Intermediary Zone 1716 – 1713. The upside target is the Target Zone 1752 – 1745.
The price is now being corrected down and testing the Additional Zone 1723 – 1721. The Additional Zone is a strong support level where one could enter new purchases according to the pattern. The primary buy target will be to break through the high of Friday.
If the Additional Zone is broken out downside, the correction will continue down to the trend border 1706 – 1703.
XAUUSD trading ideas for today:
- Buy according to the pattern in Additional Zone 1723 – 1721.
TakeProfit: 1739.
StopLoss: according to the pattern rules. - Buy according to the pattern in Intermediary Zone 1706 – 1703.
TakeProfit: 1739.
StopLoss: according to the pattern rules.
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