Gold forecast for today: XAUUSD analysis 08.12.2021

There’s a bullish reversal in a short-term downtrend today. The Intermediary Zone 1782 – 1780 has been broken out. The upper Target Zone of 1803 – 1799 is a current buying target. The price is currently correcting and approaching the area of profit-making long trades at 1786 – 1780. The first buying target could be today’s high.

If level 1780 is broken to the downside, the correction might continue with a target at the trend’s key support of 1772 – 1771. We can plan long positions with earlier mentioned targets upon reaching the trend’s key support.

Trading plan for XAUUSD for today:

Buy from 1786 – 1780.

TakeProfit: 1790, Target Zone 1803 – 1799.

StopLoss: 1777.

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