Gold price forecast for today: XAUUSD analysis 16.12.2021

Yesterday, gold reached the lower Target Zone 1755 – 1751 within a short-term downtrend. Thus, the downward impulse has worked out 100%. Large sales were closed and purchases were opened in the lower Target Zone. As a result, the price rose sharply due to the news and broke out the trend key resistance, level 1773.

As of this morning, the short-term gold trend is up. The target of growth is the upper Target Zone 1793 – 1789. I recommend considering long trades on correction to strong levels. Strong support levels are Additional Zone 1775 – 1774 and Intermediary Zone 1766 – 1764.

XAUUSD trading ideas for today:

  1. Buy according to the pattern in Additional Zone 1775 – 1774.
  2. TakeProfit: 1784.
  3. StopLoss: according to the pattern rules.

  1. Buy according to the pattern in Intermediary Zone 1766 – 1764.
  2. TakeProfit: 1784.
  3. StopLoss: according to the pattern rules.

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