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Fractal analysis

24.07.201814:48 Forex Analysis & Reviews: Fractal analysis of GOLD on July 24

Long-term review

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Analytical review of Gold. According to Gold, the upward structure of July 19 is considered as a large initial condition. The continued upward movement is expected after the breakdown of 1229.63 July 24 - 25. The level of 1218.15 is the key support

The forecast for July 24:

Analytical review on the scale of H1:

For Gold, the key levels on the scale of H1 are: 1250.88, 1242.62, 1239.59, 1235.48, 1229.63, 1220.96, 1218.15 and 1213.01. Here we follow the formation of the upward structure of July 19. Continued upward movement is expected after the breakdown of 1229.63, here the first target is 1239.59, the breakdown of which will allow us to count on the movement to the level of 1239.59, in the corridor 1239.59 - 1242.62 consolidation. The potential value for the top is the level of 1250.88, upon reaching this level we expect a pullback downwards.

The range 1220.96 - 1218.15 is the key support for the ascending structure, its passage by the price will have to develop the downward movement, in this case the first target is 1213.01.

The main trend is the formation of the initial conditions for the top of July 19.

Trading recommendations:

Buy: 1229.80 Take profit: 1235.40

Buy: 1235.60 Take profit: 1239.50

Sell: 1218.10 Take profit: 1213.00

Sell: Take profit:

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