Gold price forecast for today: XAUUSD analysis 04.07.2022

Last week, the short-term downtrend reached its main target, the lower Target Zone 1785 – 1778. After reaching the TZ, the price corrected and broke out the Additional Zone 1804 – 1802. The next correction target is the Intermediary Zone 1824 – 1820.

The Intermediary Zone serves as the border of a short-term downtrend, so after the price reaches it, look for sales according to the pattern with a target at Friday’s low.

To reverse the trend, traders need to break out level 1824 and consolidate the price in the American session higher. In this case, the short-term trend will reverse up, so look for purchases with the target in the upper Target Zone 1863 – 1856.

XAUUSD trading ideas for today:

Sell according to the pattern in Intermediary Zone 1824 – 1820.

TakeProfit: 1785.

StopLoss: according to the pattern rules.

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