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Gold forecast for today: XAUUSD analysis 05.07.2023

Gold is trading down in the short term. The price is being corrected up and could reach resistance (А) 1940 – 1936. When this zone is tested, one could enter new shorts with a target at the low of June 29.

If the price breaks out resistance (A), it will go up to resistance (В) 1963 – 1956. When the second resistance is tested, one could enter sell trades according to the pattern with a target at the low of June 29.

XAUUSD trading ideas for today:

  1. Sell according to the pattern at resistance (А) 1940 – 1936.
    TakeProfit: 1893.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern at resistance (В) 1963 – 1956.
    TakeProfit: 1893.
    StopLoss: according to the pattern rules.





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