Gold price forecast for today: XAUUSD analysis 03.05.2022

The short-term gold downtrend continued yesterday. As a result, the Gold Zone, 1890 – 1886 was broken out. After that, the Target Zone, 1854 – 1847 was reached.

Today, traders will try to break out the Target Zone. If they succeed, the next sales target will be the Gold Zone, 1818 – 1814.

Otherwise, the price will go into correction and first test the Additional Zone, 1873 – 1871. I recommend considering new sales in this AZ according to the pattern with the first target at today’s low.

XAUUSD trading ideas for today:

  1. Sell according to the pattern in Additional Zone 1873 – 1871.
    TakeProfit: 1854.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone 1892 – 1889.
    TakeProfit: 1854.
    StopLoss: according to the pattern rules.

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