Gold price forecast for today: XAUUSD analysis16.05.2022

The gold price continues to decline within a short-term downtrend. Last week, on Friday, the Gold Zone 1818 – 1814 was broken out. The next target for sales is the Target Zone 1782 – 1775.

Today began with a slight gold correction, within which the Additional Zone 1818 – 1817 was tested. The AZ is a strong resistance level, in which sellers’ reaction and the price falling can be seen. The target of the fall is to update Friday’s low. After the successful update, it makes sense to rearrange strong resistance levels.

The trend border is shifting to the zone of 1838 – 1835. As long as the price is trading below these levels, it is profitable to consider short trades.

XAUUSD trading ideas for today:

  1. Sell according to the pattern in Additional Zone 1818 – 1817.
    TakeProfit: 1799.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone 1838 – 1835.
    TakeProfit: 1799.
    StopLoss: according to the pattern rules.

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