Fractal analysis for GOLD on August 13

Forecast for August 13:

Analytical review on the scale of H1:

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, the situation is in an equilibrium state. 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 of the price. The breakdown of the level of 1202.00 should be accompanied by a pronounced downward movement. Here, the target is 1197.59. In the area of 1197.59 – 1194.34 is consolidation and hence, the probability of a turn towards correction is high.

Short-term upward movement is possible in the area of 1211.58 – 1214.61. The breakdown of the latter value will lead to 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: 1202.00Take profit: 1198.00

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

Source:: Fractal analysis for GOLD on August 13