Fractal analysis of Gold, Silver, Oil and Natural Gas on May 11, 2020

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Forecast for May 11:

Analytical review in H1 scale:

For Gold, the main key levels on the H1 scale are: 1753.89, 1740.22, 1731.37, 1718.34, 1707.86, 1701.25 and 1691.00. Here, we continue to monitor the ascending structure of May 1. The continuation of the upward movement is expected after the breakdown of the level of 1718.34. In this case, the target is 1731.37. A short-term upward movement, as well as consolidation is in the range of 1731.37 – 1740.22. For the potential value for the top, we consider the level 1753.89. Upon reaching which, we expect a downward pullback.

A short-term downward movement, as well as consolidation are possible in the range of 1707.86 – 1701.25. The breakdown of the last level will lead to an in-depth correction. In this case, the target is 1691.00.

The main trend is the upward structure of May 1

Trading recommendations:

Buy: 1719.00 Take profit: 1730.00

Buy: 1732.00 Take profit: 1740.00

Sell: 1707.00 Take profit: 1702.00

Sell: 1700.00 Take profit: 1693.00

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For Oil, the main key levels on the H1 scale are: 32.92, 28.69, 26.32, 23.71, 22.34, 20.00 and 17.32. Here, we are following the development of the ascending structure of April 20. The continuation of the upward movement is expected after the breakdown of the level of 26.32. In this case, the goal is 28.69. Price consolidation is near this level. As a potential value for the ascending structure, we consider the level of 32.92. Upon reaching which, we expect a downward pullback.

A short-term downward movement is possible in the range of 23.71 – 22.34. The breakdown of the last level will lead to an in-depth correction. Here, the target is 20.00. This level is a key support for the top and the price passing this range will lead to the formation of initial conditions for the downward cycle. In this case, the potential goal of 17.32.

The main trend is the upward structure of April 20

Trading recommendations:

Buy: 26.32 Take profit: 28.60

Buy: 28.80 Take profit: 31.85

Sell: 23.71 Take profit: 22.40

Sell: 22.28 Take profit: 20.50

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For Silver, the main key levels on the H1 scale are: 16.11, 15.91, 15.64, 15.44, 15.31, 15.20 and 15.01. Here, we are following the ascending structure of May 5. The continuation of the upward movement is expected after the breakdown of the level of 15.44. In this case, the target of 15.64. Price consolidation is near this level. The breakdown of 15.64 will lead to a pronounced movement. In this case, the target is 15.91. For the potential value for the top, we consider the level of 16.11. Upon reaching which, we expect consolidation, as well as a downward pullback.

A short-term downward movement is possible in the range of 15.31 – 15.20. The breakdown of the last level will lead to an in-depth correction. Here, the goal is 15.01. This level is a key support for the upward trend.

The main trend is the upward structure of May 5

Trading recommendations:

Buy: 15.45 Take profit: 15.62

Buy: 15.65 Take profit: 15.90

Sell: 15.31 Take profit: 15.21

Sell: 15.19 Take profit: 15.03

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For Natural Gas, the main key levels on the H1 scale are: 1.970, 1.900, 1.866, 1.811, 1.724, and 1.663. Here, we are following the development of the descending structure of May 5. The continuation of the downward movement is expected after the breakdown of the level of 1.811. In this case, the target is 1.724. For the potential value for the bottom, we consider the level of 1.663. Upon reaching which, we expect consolidation, as well as an upward pullback.

A short-term upward movement is possible in the range of 1.866 – 1.900. The breakdown of the last value will lead to an in-depth correction. Here, the potential goal is 1.970. We expect the initial conditions for the upward cycle to be formed to this level.

The main trend is the descending structure of May 5.

Trading recommendations:

Buy: 1.866 Take profit: 1.900

Buy: 1.905 Take profit: 1.960

Sell: 1.800 Take profit: 1.735

Sell: 1.722 Take profit: 1.670

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

Source:: Fractal analysis of Gold, Silver, Oil and Natural Gas on May 11

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