Gold forecast for today: XAUUSD analysis 17.05.2023

The gold short-term trend turned down yesterday. The price broke out the key support 2018 – 2012. Now, the downside target is in the lower Target Zone 1956 – 1943.

It is relevant to enter short trades on the correction at support (А) 2031 – 2026 or support (В) 2053 – 2047. The first downside target will be yesterday’s low.

It will be relevant to buy when the price reached the Target Zone 1956 – 1943.

XAUUSD trading ideas for today:

  1. Sell according to the pattern at resistance (А) 2031 – 2026.
    TakeProfit: 1985.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern at resistance (В) 2053 – 2047.
    TakeProfit: 1985.
    StopLoss: according to the pattern rules.










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