Yesterday, traders tried to reverse the short-term trend up by breaking out the Intermediary Zone 1929 – 1926. The price could not consolidate above the IZ, so the short-term downtrend continues today. Therefore, it is profitable to wait for a pattern to enter gold sales and sell the XAU with a target at March 29 low.
The alternative scenario implies updating yesterday’s high and the price consolidation above level 1929. In this case, the short-term trend will reverse up, so switch to purchases with a target in the upper Target Zone 1969 – 1962.
XAUUSD trading ideas for today:
Sell according to the pattern in Intermediary Zone 1929 – 1926.
TakeProfit: 1890.
StopLoss: according to the pattern rules.
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