Gold price forecast for today: XAUUSD analysis  08.08.2022

On Friday last week, gold began to correct in a short-term uptrend. As part of the correction, traders broke out the Additional Zone 1778 – 1777. It is very likely that the correction will continue, and the Intermediary Zone 1762 – 1759 will be reached.

The Intermediary Zone serves as the border of a short-term uptrend. After reaching it, consider new purchases according to the pattern with the target to update the August 4 high.

To enter sales, traders need to break out the Intermediary Zone and consolidate the price in the American session below. In this case, consider short trades with the target in the lower Target Zone 1729 – 1723.

XAUUSD trading ideas for today:

Buy according to the pattern in Intermediary Zone 1762 – 1759.

TakeProfit: 1794.

StopLoss: according to the pattern rules.

Myanfx-edu does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors.

Go to Register with LiteForex Platform

Financial Trading is not suitable for all investors & involved Risky. If you through with this link and trade we may earn some commission

Want to Trade Online?

Easy Trading Platform

Copy Experienced Traders

Trade from Your Pocket

Trade with Liteforex

CFD Trading on financial markets carries risks. Before deciding to trade, you need to ensure that you understand the risks involved.