Fractal analysis: GOLD as of May 24

Forecast for May 24:

Analytical review on the scale of H1:

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For Gold, the key levels on the H1 scale are: 1308.97, 1304.79, 1301.72, 1297.61, 1295.70, 1288.63, 1285.92, 1284.19 and 1279.32. Here, the price has formalized the potential initial conditions for the top of May 21. Continued development of the upward trend is expected after passing the price of the noise range at 1295.70 - 1297.61. In this case, the target is 1301.72. In the area of 1301.72 - 1304.79 is short-term upward movement and also consolidation. The potential value for the upward structure from May 21 is the level of 1308.97. Upon reaching this level, we expect a pullback downwards.

Departure towards correction is possible after the breakdown of 1288.63. Here, the target is 1285.92. From this level, there is a high probability of a turn upwards. The range of 1285.92 - 1284.19 is the key support for the upward structure. Passing the price will lead to the development of the main downward trend. Here, the target is 1279.32.

The main trend is the formation of the potential for the top of May 21.

Trading recommendations:

Buy: 1297.61 Take profit: 1301.70

Buy 1304.80 Take profit: 1308.60

Sell: 1288.60 Take profit: 1286.00

Sell: 1284.00 Take profit: 1279.60

The material has been provided by InstaForex Company - www.instaforex.com