Gold price forecast for today: XAUUSD analysis 07.03.2022

Gold once again updated the local high and broke out the resistance, the Gold Zone 1975 – 1972. Now the Target Zone 2 2008 – 2002 serves as the growth target within the short-term uptrend. At the moment, the gold price is correcting and testing the Additional Zone 1984 – 1982. The AZ is the first strong support on the path of correction, so the price may rebound up from it.

Gold purchases will be possible if a corresponding pattern is formed. The buy target will be the day’s high and the TZ 2.

If the AZ is broken out, then the correction will continue with the target in the Intermediary Zone 1968 – 1964. The IZ serves as the trend border, so after reaching it look again for purchases with the first target around today’s high.

To enter sales and reverse the trend, it is required to break out the IZ and consolidate the price below. In this case, from the next trading day, it will be possible to look for short trades with the target in the lower TZ 1935 – 1928.

XAUUSD trading ideas for today:

  1. Buy according to the pattern in Additional Zone 1984 – 1982.

    TakeProfit: 2000.

    StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone 1968 – 1964.

    TakeProfit: 2000.

    StopLoss: according to the pattern rules.

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