Gold price forecast for today: XAUUSD analysis 03.08.2022

The gold short-term uptrend continues. The price was corrected yesterday and reached the Intermediary Zone 1755 – 1752. The IZ is the trend border, so it is relevant to enter buy trades in the zone with a target at yesterday’s high.

If yesterday’s high is broken through, the price could break out the Gold Zone 1781 – 1778. If so, the next upside target will be the Target Zone 2, 1817 – 1810.

If the Intermediary Zone is broken out downside and the price consolidates below it at the US session, the short-term trend will turn down.

XAUUSD trading ideas for today:

Buy/hold up buy trades entered according to the pattern in the Intermediary Zone 1747 – 1744.

TakeProfit: 1780.

StopLoss: according to the pattern rules.

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