Gold continues falling in the short-term downtrend. Yesterday, the price reached the Target Zone 2, 1793 – 1790. After the Target Zone was reached, gold traders exited large sell trades and the price has been corrected up. Following the correction, the price has tested the Additional Zone 1800 – 1799, which serves as a strong resistance today. One could enter new sell trades in the zone with a target to break through yesterday low.
If the Additional Zone is broken out upside, and the price consolidates above, the correction will continue with a target at the trend border 1808 – 1806.
XAUUSD trading ideas for today:
- Sell according to the pattern in Additional Zone 1800 – 1799.
TakeProfit: 1792.
StopLoss: according to the pattern rules. - Sell according to the pattern in Intermediary Zone 1808 – 1806.
TakeProfit: 1792.
StopLoss: according to the pattern rules.
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