Gold forecast for today: XAUUSD analysis 12.05.2023

Gold has been declining since May 4. Until the low of May 5 is broken through, the short-term trend will be up. There is no buy pattern currently, and the low of May 5 is likely to be broken through.

If the price consolidates below 1999, the short-term trend will turn down. In this case, starting from the next trading day, one could enter sell trades with a target at the lower Target Zone 1956 – 1943.

If the low of May 5 is held up, and the price returns to the support zone of 2018 – 2012, the short-term uptrend will continue, and one could enter long trades with a target at 2028.

XAUUSD trading ideas for today:

Monitor the market. 

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