Gold price forecast for today: XAUUSD analysis 11.08.2022

Gold is correcting in a short-term uptrend. At the moment, traders are breaking out the Additional Zone 1791 – 1790. If the corrective decline continues, the price will reach the Intermediary Zone 1775 – 1772.

The Intermediary Zone serves as the uptrend’s border. After reaching it, consider purchases according to the pattern with the target at yesterday’s high.

If the price returns to the Additional Zone and consolidates above, consider purchases with the target at level 1807 during the next correction.

XAUUSD trading ideas for today:

Buy according to the pattern in Intermediary Zone 1775 – 1772.

TakeProfit: 1807.

StopLoss: according to the pattern rules.

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