Gold price forecast for today: XAUUSD analysis 02.03.2022

Gold is rising against the backdrop of events in Ukraine. Yesterday, the short-term trend reversed up after breakout of the Intermediary Zone 1915 – 1912. After that, the Target Zone 1948 – 1942 was reached. After reaching the TZ, large purchases were closed, and the price went into correction. As part of the correction, traders tested the Additional Zone 1933 – 1932. At the moment, the zone is being held, so it is profitable to look for purchases in it with a target at yesterday’s high.

If yesterday’s high is updated, then wait for the price to consolidate above the Target Zone. In this case, the next target will be the Gold Zone 1975 – 1972.

Otherwise, when the AZ is broken out, the price will go into a deep correction with the target in the Intermediary Zone 1917 – 1913. Also look for purchases in this zone, because it serves as the trend border.

XAUUSD trading ideas for today:

  1. Buy according to the pattern in Additional Zone 1933 – 1932.

    TakeProfit: 1950.

    StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone 1917 – 1913.

    TakeProfit: 1950.

    StopLoss: according to the pattern rules.

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