Gold forecast for today: XAUUSD analysis  23.05.2022

Gold has reached the upper target zone 1865 – 1858. The short-term trend remains upward. If the target zone is broken out today, the next growth target will be the golden zone 1898 – 1894.

Consider new longs on corrections. The strong support levels from where long positions could be opened are the additional zone 1840 – 1838 and the intermediary zone 1822 – 1818.

Think about selling gold when the price breaks out and consolidates below the level of 1818 and the trends reverses to the downside. 

Trading plan for XAUUSD for today:

  1. Buy according to the pattern from Additional Zone 1840 – 1838.
    TakeProfit: Target zone 1865 – 1858.
    StopLoss: according to pattern rules.
  2. Buy according to the pattern from Intermediary Zone 1822 – 1818.
    TakeProfit: Target zone 1865 – 1858.
    StopLoss: according to pattern rules.

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