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Gold price forecast for today: XAUUSD analysis 16.01.2023

Gold is trading in the short-term uptrend. Last Friday, the price broke out Gold Zone 2, 1905 – 1902. The next upside target is Target Zone 3, 1940 – 1933. I recommend entering new purchases on the correction.

In case of a correction, the price should reach strong levels, support (A) 1894 – 1890 and support (B) 1877 – 1872. Enter a trade only when there is a corresponding pattern. The first upside target is today’s high.

XAUUSD trading ideas for today:

  1. Buy according to the pattern at support (А) 1894 – 1890.
    TakeProfit: 1928.
    StopLoss: according to the pattern rules.
  2. Buy according to the pattern at support (В) 1877 – 1872.
    TakeProfit: 1928.
    StopLoss: according to the pattern rules.





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