Gold price forecast for today: XAUUSD analysis  17.08.2022

Gold continues to trade in a short-term uptrend. Traders tested the key support 1775 – 1772 for two days in a row, but eventually failed to break out the zone. Therefore, searching for purchases according to the pattern is of primary importance today. The target for purchases will be August 10 high.

If the Intermediary Zone is broken out downside during trading, the trend will reverse down. In this case, open 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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