Fractal analysis for GOLD as of May 31

Forecast for May 30:

Analytical review on the scale of H1:


For Gold, the key levels on the H1 scale are: 1316.66, 1311.26, 1308.97, 1305.28, 1302.58, 1295.70 and 1288.63. Here, the price is in deep correction from the upward structure of May 21. The continuation of the price movement towards the top is expected after the breakdown of 1302.60. In this case, the target is 1305.00. In the area of 1302.58 - 1305.00 is the consolidation of the price. The breakdown at the level of 1305.60 should be accompanied by a pronounced movement towards the level of 1308.97. In the area of 1308.97 - 1311.26 is the consolidation of the price. For the potential value for the top, consider the level of 1316.66. Upon reaching this level, we expect a pullback to the bottom.

The level of 1295.70 is the key support for the top. Its breakdown will lead to the development of a downward trend. Here, the target is 1288.63. Up to this level, we expect the formulation of pronounced initial conditions for the downward cycle.

The main trend is the upward cycle from May 21, the stage of deep correction.

Trading recommendations:

Buy: 1302.70 Take profit: 1305.00

Buy 1305.60 Take profit: 1308.50

Sell: 1295.50 Take profit: 1290.00

Sell: Take profit:

The material has been provided by InstaForex Company -