The forecast for July 19:
Analytical review on the H1 scale:
For Gold, the major key levels on the H1 scale are: 1245.49, 1239.59, 1235.48, 1231.68, 1225.90, 1220.41, 1216.18 and 1208.01. Here, we follow the downward structure of July 9th. At the moment, we expect a move to the level of - 1220.41, a short-term downward movement in the corridor 1220.41-1216.18, as well as consolidation. The potential value for the bottom is the level of 1208.01 (the probable date of reaching is July 18-19), we expect a rollback to correction upon touching this level.
Short-term upward movement is possible in the corridor 1231.68 - 1235.45, the breakdown of the last value will lead to an in-depth correction with the target at 1239.59, this level is the key support for the downward movement.
The main trend is the downward structure of July 9.
Trading recommendations:
Buy: 1231.68 Take profit: 1235.45
Buy: 1235.52 Take profit: 1239.55
Sell: 1225.70 Take profit: 1220.60
Sell: 1216.10 Take profit: 1208.30
* The presented market analysis is informative and does not constitute a guide to the transaction.
The material has been provided by InstaForex Company - www.instaforex.com