Minute operational scale (H4)
Continuing to beat the US dollar? Review of options for the movement of Gold & Silver on August 18, 2020.
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Spot Gold
The movement of Spot Gold from August 18, 2020 will occur depending on the development and direction of the breakdown of the range:
- resistance level of 2009.00 - the median line Median Line of the Minuette operational scale fork;
- support level of 1992.00 - the upper border of ISL38.2 equilibrium zone of the Minute operational scale fork.
A consistent break of the support level of 1992.00 on ISL38.2 Minute and lower bounds ISL38.2 (1983.00) equilibrium zone of the Minuette operational scale fork will determine the USD Spot Gold within the zone (1992.00 - 1961.00 - 1930.00) equilibrium of the Minute operational scale fork and channel 1/2 Median Line Minuette (1969.00 - 1944.00 - 1920.00).
In case of breaking the Median Line Minuette - resistance level of 2009.00 - the upward movement of Spot Gold can be continued to the objectives:
- upper bound ISL61.8 (2040.50) equilibrium zone of the Minuette operational scale fork;
- maximum 2074.75;
- initial SSL line (2100.00) of the Minute operational scale fork.
Details of the Spot Gold movement since August 18, 2020 can be seen on the animated chart.
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Spot Silver
The development of the Spot Silver movement from August 18, 2020 will also be determined by the development and direction of the breakdown of the range:
- resistance level of 28.700 - the lower border of ISL38.2 of the balance zone of the Minuette operational scale fork;
- support level of 27.700 - the upper border of the channel 1/2 Median Line Minuette.
Joint breakout of the support level of 27.700 on the upper border of the channel 1/2 Median Line Minuette and ISL38.2 Minute (27.500) make possible the continuation of the movement of Spot Silver in the zone equilibrium (27.500 - 26.700 - 25.900) of the Minute operational scale fork, taking into account the working out of 1/2 Median Line Minuette (27.000) and the lower border of the 1/2 Median Line Minuette (26.200).
In case of breakdown of ISL38.2 Minuette - resistance level 28.700 - Spot Silver may continue its upward movement within the equilibrium zone (28.700 - 30.100 - 31.200) of the Minuette operational scale fork.
Details of the Spot Silver movement options from August 18, 2020 are shown in the animated chart.
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The review is compiled without taking into account the news background, the opening of trading sessions of the main financial centers and is not a guide to action (placing "sell" or "buy" orders).
The material has been provided by InstaForex Company - www.instaforex.com