Fractal analysis of GOLD on July 2

The forecast for July 2:

Analytical review on the scale of H1:analytics5b399b6566f3c.png

For Gold, the key levels on the H1 scale are: 1267.90, 1262.60, 1255.53, 1250.07, 1242.59, 1229.45 and 1222.85. Here, we follow the downward cycle from June 14. Continued movement to the bottom, we expect after the breakdown of the level of 1242.59, in this case, the target is 1229.45. The potential value for the downward movement is the level of 1222.85, upon reaching which, we expect consolidated movement in the corridor 1229.45 - 1222.85, as well as a pullback to the top.

Short-term upward movement, possibly in the corridor 1250.07 - 1255.53, breakdown of the last value will lead to an in-depth correction, here the target is 1262.60. Range 1262.60 - 1267.90 noise, before it we expect the initial conditions for the top.

The main trend is the descending structure of June 14.

Trading recommendations:

Buy: 1250.10 Take profit: 1255.30

Buy: 1255.80 Take profit: 1262.30

Sell: 1242.00 Take profit: 1230.00

Sell: 1229.20 Take profit: 1223.00

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