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20.08.201814:39 Forex Analysis & Reviews: Fractal analysis of GOLD on August 20

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Forecast for August 20:

Analytical review on the scale of H1:

Exchange Rates 20.08.2018 analysis

For Gold, the key levels on the scale of H1 are: 1203.67, 1198.34, 1190.05, 1186.90, 1179.99, 1175.65, 1170.12 and 1159.49. Here, we follow the formation of the potential for the top of August 16. The development of this structure is expected after the passage at the price of the noise range of 1186.90 - 1190.05. In this case, the target is 1198.34 and in the corridor of 1198.34 - 1203.67 is the consolidation and hence, the probability of a rollback to correction is high.

The short-term downward movement is possible in the corridor of 1179.99 - 1175.65 and the breakdown of the last value will lead to an in-depth correction. Here, the target is 1170.12 and this level is the key resistance for the downward movement.

The main trend is the local downward cycle from August 10, the formation of the potential for the top of August 16.

Trading recommendations:

Buy: 1190.05 Take profit: 1198.00

Buy: 1198.50 Take profit: 1203.00

Sell: 1175.00 Take profit: 1170.00

Sell: 1169.00 Take profit: 1160.00

Daichi Takahashi
Analytical expert of InstaForex
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