Fractal analysis of GOLD on August 20

Forecast for August 20:

Analytical review on the scale of H1:analytics5b7a203884306.png

For Gold, the key levels on the scale of H1 are: 1203.67, 1198.34, 1190.05, 1186.90, 1179.99, 1175.65, 1170.12 and 1159.49. Here, we follow the formation of the potential for the top of August 16. The development of this structure is expected after the passage at the price of the noise range of 1186.90 - 1190.05. In this case, the target is 1198.34 and in the corridor of 1198.34 - 1203.67 is the consolidation and hence, the probability of a rollback to correction is high.

The short-term downward movement is possible in the corridor of 1179.99 - 1175.65 and the breakdown of the last value will lead to an in-depth correction. Here, the target is 1170.12 and this level is the key resistance for the downward movement.

The main trend is the local downward cycle from August 10, the formation of the potential for the top of August 16.

Trading recommendations:

Buy: 1190.05 Take profit: 1198.00

Buy: 1198.50 Take profit: 1203.00

Sell: 1175.00 Take profit: 1170.00

Sell: 1169.00 Take profit: 1160.00

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