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Gold price forecast for today: XAUUSD analysis  05.08.2022

The gold short-term uptrend continued yesterday. The price broke out the Gold Zone 1781 – 1778. The upside target is the Target Zone 2, 1817 – 1810.

It is relevant to enter new gold purchases on the correction at the strong levels, the Additional Zone 1778 – 1777 and the Intermediary Zone 1762 – 1759. Before you open a long position, expect the test of the above-indicated zones and look for a buy pattern. The first target will be at yesterday’s high.

XAUUSD trading ideas for today:

  1. Buy according to the pattern in the Additional Zone 1778 – 1777.
    TakeProfit: 1794.
    StopLoss: according to the pattern rules.
  2. Buy according to the pattern in the Intermediary Zone 1762 – 1759.
    TakeProfit: 1794.
    StopLoss: according to the pattern rules.







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