Gold price forecast for today: XAUUSD analysis 04.02.2022

Yesterday the gold price sharply declined, and February 2 low was updated. However, the decline was fully compensated in an hour, and the price returned to the Additional Zone 1803 – 1802. Thus, yesterday’s price decline was a false breakout of the extremum, and now the short-term uptrend continues. The target for purchases is February 2 high and the upper border of the Target Zone 1813.

If the Target Zone 1813 – 1810 is broken out and the price consolidates higher at the US trading session, the next target for purchases will be the Gold Zone 1826 – 1825.

If the TZ is held, then a new correction will begin on Monday, which will provide an opportunity to consider new purchases.

XAUUSD trading ideas for today:

Hold up buy trades entered in Additional Zone 1803 – 1802.

TakeProfit: 1813.

StopLoss: 1800.5.

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