Gold forecast for today: XAUUSD analysis 08.05.2023

Gold’s short-term trend remains upward. Target Zone 2077 – 2069 was reached last week, and the price corrected to support (В) 2018 – 2012. That support level was retained by buyers, so today’s priority remains bullish.

To open longs, market participants need to form a pattern to buy. I suggest waiting for a pattern and opening a position with a target at 4 May’s high.

If 5 May’s low is updated, the short-term trend will reverse down and we can consider short trades with a target in the lower Target Zone 1956 – 1943.

Trading plan for XAUUSD for today:

Buy according to the pattern from support (В) 2018 – 2012.
TakeProfit: 2077.
StopLoss: according to pattern rules.

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