Fractal analysis of Gold, Silver, and Oil on Apr 6, 2020

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Forecast for April 6:

Analytical review in H1 scale:

For Gold, the main key levels on the H1 scale are: 1672.88, 1659.04, 1639.16, 1623.60, 1599.81, 1587.28 and 1567.91. Here, we are following the formation of a local ascending structure from March 31 (the main long-term trend is developing from March 16). Short-term upward movement, as well as consolidation, is expected in the range of 1623.60 – 1639.16. The breakdown of the latter value will lead to a pronounced movement. Here, the target is 1659.04. For the potential value for the top, we consider the level of 1672.88. Upon reaching which, we expect consolidation, as well as a pullback to the bottom.

Short-term downward movement is possibly in the range of 1599.81 – 1587.28. The breakdown of the last value will lead to the development of a downward structure. In this case, the first goal is 1567.91. We expect the initial conditions for the downward cycle to be formed to this level.

The main trend is the local structure for the top of March 31.

Trading recommendations:

Buy: 1623.60 Take profit: 1639.00

Buy: 1640.00 Take profit: 1659.00

Sell: 1599.50 Take profit: 1588.00

Sell: 1585.00 Take profit: 1569.00

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For Oil, the main key levels on the H1 scale are: 34.46, 32.48, 29.64, 26.51, 25.20 and 23.46. Here, we are following the formation of medium-term initial conditions for the top of March 30. The continuation of the movement to the top is expected after the breakdown of the level of 29.64. In this case, the target is 32.48. Price consolidation is near this level. For the potential value for the top, we consider the level of 34.46 from which we expect a departure in the correction.

Short-term downward movement is possibly in the range of 26.51 – 25.20. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 23.46. This level is a key support for the top.

The main trend is the formation of a medium-term upward structure from March 30.

Trading recommendations:

Buy: 29.70 Take profit: 32.40

Buy: 32.50 Take profit: 34.40

Sell: 26.50 Take profit: 25.20

Sell: 25.10 Take profit: 23.80

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For Silver, the main key levels on the H1 scale are : 15.31, 15.09, 14.81, 14.57, 14.22, 14.03 and 13.74. Here, we are following the formation of a local ascending structure from April 1 (the main long-term trend is developing from March 18). The continuation of the movement to the top is expected after the breakdown of the level of 14.57. In this case, the target is 14.81. Price consolidation is near this level. The breakdown of the level of 14.81 should be accompanied by a pronounced upward movement. Here, the goal is 15.09. For the potential value for the top, we consider the level of 15.31. Upon reaching which, we expect consolidation, as well as a pullback to the bottom.

Short-term downward movement is possibly in the range of 14.22 – 14.03. The breakdown of the last value will lead to the formation of a downward structure. Here, the first potential target is 13.74.

The main trend is the local structure for the top of April 1.

Trading recommendations:

Buy: 14.57 Take profit: 14.80

Buy: 14.82 Take profit: 15.07

Sell: 14.22 Take profit: 14.04

Sell: 14.01 Take profit: 13.75

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

Source:: Fractal analysis of Gold, Silver, and Oil on April 6

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