Forecast for August 16:
Analytical review on the H1 scale:
For Gold, the major key levels on the H1 scale are: 1185.72, 1177.82, 1171.85, 1159.49, 1153.35, 1149.30 and 1141.98. Here, we follow the local top-down structure of August 10th. The continuation of the downward movement is expected after the breakdown of 1159.49, in this case the target is 1153.35, in the corridor 1153.35 - 1149.30 consolidation. The potential value for the bottom is the 1141.98 level, upon reaching which we expect a rollback to the top.
Short-term upward movement is possible in the corridor 1171.85 - 1177.82. The breakdown of the last value will lead to an in-depth correction with the target at 1185.72, this level is the key support for the bottom.
The main trend is a local downward cycle from August 10.
Trading recommendations:
Buy: 1171.85 Take profit: 1177.60
Buy: 1178.00 Take profit: 1185.00
Sell: 1159.00 Take profit: 1153.50
Sell: 1149.00 Take profit: 1142.00
* 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