Gold’s short-term downtrend continued yesterday, reaching all sell targets from resistance (А) 3048 – 3041. The lower Target Zone 2957 – 2936 was reached, too. There was heavy selling in that area, and the price then corrected upward. If the correction continues today, expect the price to test resistance (А) 3033 – 3026. Once this zone is tested, new shorts can be considered, with the first target of 2995 and the second one near yesterday’s low.
If resistance (А) is broken to the upside, the correction will continue up to resistance (В) 3072 – 3061, the trend’s boundary from which we can also open shorts.
XAUUSD Trading Ideas for Today:
Sell near resistance (А) 3033 – 3026.
TakeProfit: 2995, 2956.
StopLoss: 3048.
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