Gold price forecast for today: XAUUSD analysis  12.05.2022

Yesterday, the gold price corrected and tested the Additional Zone 1851 – 1850. Today the correction continues. Traders are trying to break out the Additional Zone and consolidate the price higher. If successful, the price will reach the Intermediary Zone 1871 – 1868.

The Intermediary Zone serves as the border of a short-term downtrend. After reaching it, look for a sell pattern with the first target at yesterday’s low and the second target in the Gold Zone 1818 – 1814.

The breakout of the Intermediary Zone and price consolidation higher is required for purchases.

XAUUSD trading ideas for today:

Sell according to the pattern in Intermediary Zone 1871 – 1868.

TakeProfit: 1832.

StopLoss: according to the pattern rules.

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