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Gold price forecast for today: XAUUSD analysis  09.03.2022

Yesterday, a short-term gold uptrend continued, within which the Target Zone 2 2008 – 2002 was broken out. Then the GZ 2 2035 – 2032 and the TZ 3 2068 – 2062 were reached.

It was not possible to break out the Target Zone 3, as a result a correction began. As part of the correction, traders tested the key support of the short-term uptrend 2037 – 2034. Then at the close of yesterday’s American session buyers’ reaction occurred in the abovementioned key support. Now looking for gold purchases with a target at yesterday’s high is a matter of primary importance. 

Gold sales require the absence of a buy pattern and a breakout of level 2034 downside. In this case, consider entering short trades with a target in the lower TZ 2004 – 1997.

XAUUSD trading ideas for today:

Buy according to the pattern in Intermediary Zone 2037 – 2034.

TakeProfit: 2068.

StopLoss: according to the pattern rules.



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