Gold forecast for today: XAUUSD analysis 06.01.2023

Yesterday, the gold price tested resistance (А) 1978 – 1974. This zone has been held down, and one could enter shorts around this resistance zone with a target at the low of May 30. If this low is broken through, the next downside target will be the Gold Zone 1916 – 1912.

In an alternative scenario, the price should break out resistance (A) and consolidate above. In this case, the market will test resistance (В) 2001 – 1995. This zone is the trend border. 

XAUUSD trading ideas for today:

  1. Hold down sell trades entered at resistance (А) 1978 – 1974.
    TakeProfit: 1932.
    StopLoss: 1986.
  2. Sell according to the pattern at resistance (В) 2001 – 1995.
    TakeProfit: 1932.
    StopLoss: according to the pattern rules.

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