Gold forecast for today: XAUUSD analysis 07.12.2021

Gold traded Monday near the key resistance of the short-term downtrend at 1782 – 1780. Having failed to break through, the price got back under the margin zone. 

As the downtrend continues, short trades should be given priority. To start selling, we need a pattern. We will then open short trades with a target at 2 December’s low and Gold zone 1759 – 1757.

If we don’t see any selling patterns and the Intermediary zone is broken to the upside, the short-term trend will turn upwards. The upper Target zone of 1803 – 1799 will then be a buying target. 

Trading plan for XAUUSD for today:

Sell according to the pattern from Intermediary Zone 1782 – 1780.

TakeProfit: 1763, Gold zone 1759 – 1757.

StopLoss: According to pattern rules.

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