After the trend reversal downs, the gold price was corrected up to resistance (A) 1753 – 1750 and is currently trading there. As the resistance was broken out on Friday. the market could be corrected up to resistance (B) 1769 – 1765. After this resistance zone is tested, I suggest entering new sell trades according to the pattern with a target at the low of November 23.
When the high of November 23 is broken through, the next downside target will be Gold Zone 1700 – 1692.
The trend will turn up and it will be relevant to buy if the price breaks out level 1769 and consolidates above. In this case, one could buy gold starting from tomorrow with a target at the upper Target Zone 1816 – 1807.
XAUUSD trading ideas for today:
Sell according to the pattern at resistance (В) 1769 – 1765.
TakeProfit: 1723.
StopLoss: according to the pattern rules.
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