Gold forecast for today: XAUUSD analysis 24.05.2023

Gold is trading in the short-term downtrend. The gold traders tried to break out the Target Zone 1956 – 1943 yesterday but failed. The price has been corrected up.

If the correction continues today, the price will reach resistance (А) 1997 – 1993. After this resistance zone is tested, one could enter new sell trades with a target at the low of May 18.

If resistance (A) is broken out, the price will reach resistance (B) 2020 – 2014. This is the border of the short-term downtrend, so one could also enter sell trades there.

XAUUSD trading ideas for today:

  1. Sell according to the pattern at resistance (А) 1997 – 1993.
    TakeProfit: 1953.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern at resistance (В) 2020 – 2014.
    TakeProfit: 1953.
    StopLoss: according to the pattern rules.





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