Gold price forecast for today: XAUUSD analysis 02.11.2022

The gold price was corrected up in the short-term downtrend. The price broke out Additional Zone 1646 – 1644. The next target in the correction is the test of Intermediary Zone 1662 – 1659.

After the IZ is tested, look for a sell pattern. When the pattern emerges, one could sell gold with the first target at yesterday’s low.

It will be relevant to buy gold when the market breaks out Intermediary Zone and consolidates above at the US trading session.

XAUUSD trading ideas for today:

Sell according to the pattern in Intermediary Zone 1662 – 1659.
TakeProfit: 1631.
StopLoss: according to the pattern rules.

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