The forecast for July 11:
Analytical review on the H1 scale:
For Gold, the key levels on the H1 scale are: 1265.51, 1259.40, 1256.13, 1245.49, 1242.12, 1239.59 and 1232.43. Here, we follow the downward structure formation from July 9. The downward movement is expected to continue after the breakdown of 1245.49, and in this case the target is 1242.12 near the consolidation level. Passage at the price of the noise range 1242.12 - 1239.59 will allow to consider the movement to the potential target at 1232.43 (the expected date of reaching is on July 13 - 14), we expect a rollback to the top upon touching this level.
Short-term upward movement is possible in the corridor 1256.13 - 1259.40, the breakdown of the last value is projected to build an upward structure with the target at 1265.51.
The main trend is the formation of a downward structure from July 9.
Trading recommendations:
Buy: 1256.20 Take profit: 1259.20
Buy: 1260.00 Take profit: 1265.00
Sell: 1245.20 Take profit: 1242.30
Sell: 1239.30 Take profit: 1233.00
* 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