Gold price forecast for today: XAUUSD analysis  16.08.2022

The key support of the short-term gold uptrend has been held. Therefore, today the search for purchases according to the pattern with the target at August 10 high is a matter of primary importance. The main growth target is the Target Zone 2, 1817 – 1810.

To enter sales and reverse the trend, traders need to break out the Intermediary Zone down and consolidate the price in the American session below. In this case, consider gold sales with the target in the lower Target Zone 1742 – 1736.

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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