Gold price forecast for today: XAUUSD analysis  29.08.2022

Last week, the short-term gold downtrend continued, as a result, an August 22 low was updated. Now traders are trying to consolidate the price below the abovementioned low. If successful, the next target for sales will be the Gold Zone 1710 – 1707.

It is profitable to consider new gold sales on correction at strong resistance levels, an Additional Zone 1739 – 1737 and an Intermediary Zone 1756 – 1753. To enter sales, wait for a test of the abovementioned zones and look for a reversal pattern. Focus on today’s low as the first target for sales.

XAUUSD trading ideas for today:

  1. Sell according to the pattern in Additional Zone 1739 – 1737.
    TakeProfit: 1721.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone 1756 – 1753.
    TakeProfit: 1721.
    StopLoss: according to the pattern rules.

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