Gold price forecast for today: XAUUSD analysis 05.05.2022

Yesterday, the gold price corrected in the Intermediary Zone 1890 – 1886. It closed below the resistance level at the American trading session. Thus, the price didn’t break out the margin zone.

However, today at the Asian session, traders tried to break out the Intermediary Zone and consolidate the price higher. If the price consolidates above the zone during the European trading session, the trend will reverse up. In this case, consider purchases with a target in the upper Target Zone 1929 – 1922.

If the price returns below the Intermediary Zone and consolidates there, the short-term downtrend will continue. In this case, consider entering short trades with a target at May 3 low.

XAUUSD trading ideas for today:

Aggressively: buy according to the pattern in Intermediary Zone 1890 – 1886.

TakeProfit: Target Zone 1929 – 1922.

StopLoss: according to the pattern rules.

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