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16.08.201811:56 Forex Analysis & Reviews: Fractal analysis: GOLD on August 16

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 16:

Analytical review on the H1 scale:

Exchange Rates 16.08.2018 analysis

For Gold, the major key levels on the H1 scale are: 1185.72, 1177.82, 1171.85, 1159.49, 1153.35, 1149.30 and 1141.98. Here, we follow the local top-down structure of August 10th. The continuation of the downward movement is expected after the breakdown of 1159.49, in this case the target is 1153.35, in the corridor 1153.35 - 1149.30 consolidation. The potential value for the bottom is the 1141.98 level, upon reaching which we expect a rollback to the top.

Short-term upward movement is possible in the corridor 1171.85 - 1177.82. The breakdown of the last value will lead to an in-depth correction with the target at 1185.72, this level is the key support for the bottom.

The main trend is a local downward cycle from August 10.

Trading recommendations:

Buy: 1171.85 Take profit: 1177.60

Buy: 1178.00 Take profit: 1185.00

Sell: 1159.00 Take profit: 1153.50

Sell: 1149.00 Take profit: 1142.00

* The presented market analysis is informative and does not constitute a guide to the transaction.

Daichi Takahashi
Analytical expert of InstaForex
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