Gold forecast for today: XAUUSD analysis  31.05.2022

Gold’s short-term uptrend continues, and the Additional Zone 1851 – 1849 is held. So, long positions could be opened from that zone today. A stop loss order can be placed beyond today’s low if a relevant pattern forms. 

If 24 May’s high is updated, the Target Zone 1865 – 1858 may be broken. The next buying target will then be the Gold Zone 1898 – 1894.

If the Additional Zone is broken to the downside, the correction will continue with a target at the trend boundary 1833 – 1830. New long positions can be opened from that zone, too. 

Trading plan for XAUUSD for today:

  1. Buy according to the pattern from Additional Zone 1851 – 1849.
    TakeProfit: 1869.
    StopLoss: according to pattern rules.
  2. Buy according to the pattern from Intermediary Zone 1833 – 1830.
    TakeProfit: 1869.
    StopLoss: according to pattern rules.

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