Yesterday, traders once again tested the key resistance of the short-term downtrend 1826 – 1822. I recommended selling gold in this zone, with the first target at May 16 low and the second target in the Target Zone 1782 – 1775. As a result, the resistance was held. Now the price is falling towards the targets outlined above.
If the Intermediary Zone 1826 – 1822 is broken out upside, expect the price to consolidate at the American session. In case of consolidating above the Intermediary Zone, the short-term trend will reverse up. In this case, switch to gold purchases with the target in the upper Target Zone 1865 – 1858.
XAUUSD trading ideas for today:
Hold sell trades entered in Intermediary Zone 1826 – 1822.
TakeProfit: 1787.
StopLoss: 1834.
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