Gold price continues to decline within a short-term downtrend. Today the Target Zone 2 1938 – 1931 was reached. Now traders are trying to break it out and consolidate the price below the zone. If they succeed, the next target will be the Gold Zone 2 1905 – 1902. Otherwise, a deep correction will begin.
As part of the correction, it will be possible to consider new short trades in the Additional Zone 1944 – 1942 or the Intermediary Zone 1964 – 1960. The latter serves as the border of a short-term downtrend. Focus on today’s low as a target for sales.
To enter purchases, a trend reversal after breaking out level 1964 upside is required.
XAUUSD trading ideas for today:
- Sell according to the pattern in Additional Zone 1944 – 1942.
TakeProfit: 1926.
StopLoss: according to the pattern rules. - Sell according to the pattern in Intermediary Zone 1964 – 1960.
TakeProfit: 1926.
StopLoss: according to the pattern rules.
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