Gold continues trading in the short-term uptrend. Last week, the gold price was testing support (A) 1792 – 1789. Today, the price is rising from this support, the main upside target is the high of December 21.
When the high of December 21 is reached, the price could break out Target Zone 1816 – 1807. If TZ is broken out and the price consolidates above, the next upside target will be the Gold Zone 1842 – 1839.
If support (A) is broken out, the correction will continue down to support (B) 1776 – 1771. One could enter purchases in support (B) too.
XAUUSD trading ideas for today:
- Hold up purchases entered in support (А) 1792 – 1789.
- Buy according to the pattern at support (В) 1776 – 1771.
StopLoss: according to the pattern rules.