After an unsuccessful breakout of the Gold Zone 1890 – 1886 by sellers, gold corrected and reached the Intermediary Zone 1911 – 1908. Today, traders will try to break out this key resistance of the short-term downtrend.
If the Intermediary Zone is broken out upside and the price closes higher in the American trading session, the short-term trend will reverse up. Next week, look for gold purchases with a target in the upper Target Zone 1951 – 1944.
If the Intermediary Zone is held and a sell pattern forms, start gold sales with the first target at April 28 low.
XAUUSD trading ideas for today:
Sell according to the pattern in Intermediary Zone 1911 – 1908.
StopLoss: according to the pattern rules.