Forecast for July 18:
Analytical review on the scale of H1:
For Gold, the key levels on the scale of H1 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. Continued downward movement is expected after the breakdown of 1225.90, in this case the target is 1220.41, in the corridor 1220.41-1216.18 short-term downward movement, and also consolidation. The potential value for the bottom is the level of 1208.01 (the probable date of reaching 18-19 July), upon reaching this level, we expect a rollback to correction.
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, here the target is 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 material has been provided by InstaForex Company - www.instaforex.com