Fractal analysis of GOLD on August 9

Forecast for August 9:

Analytical review on the scale of H1:

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For Gold, the key levels on the scale of H1 are: 1224.43, 1219.21, 1214.61, 1211.58, 1206.05, 1202.29, 1197.59 and 1194.35. Here, after the lifting of the upward structure of August 3, we follow the formation of the local structure of August 3. The continuation of the movement downwards is expected after the breakdown of 1206.05, in this case, the target is 1202.29, near this level is the consolidation. The breakdown of the level 1202.00 should be accompanied by a pronounced downward movement, here the target is 1197.59, in the corridor 1197.59 - 1194.34 consolidation, and hence the probability of a turn in correction is high.

The short-term upward movement is possible in the corridor 1211.58 - 1214.61, the breakdown of the latter value will lead to an in-depth correction, here the target is 1219.21, this level is the key resistance for the subsequent development of the upward trend.

The main trend is the equilibrium situation.

Trading recommendations:

Buy: 1211.60 Take profit: 1214.20

Buy: 1215.00 Take profit: 1219.00

Sell: 1206.00 Take profit: 1203.00

Sell: 1202.00 Take profit: 1198.00

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