Fractal analysis of GOLD as of July 31
Forecast for July 31:
Analytical review on the scale of H1:
According to Gold, the key levels on the scale of H1 are: 1250.88, 1242.62, 1239.59, 1235.48, 1229.05, 1220.96, 1218.14 and 1213.01. Here, we follow the formation of the upward structure of July 19. The continued upward movement is expected after the breakdown of 1229.05. Here, the first target is 1235.48 and the breakdown of which will allow us to count on the movement to the level of 1239.59 and in the corridor of 1239.59 – 1242.62 is the consolidation. The potential value for the top is the level of 1250.88, upon reaching this level we expect a pullback downwards.
The range of 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 upward structure of July 19, the stage of deep correction.
Buy: 1229.20 Take profit: 1235.20
Buy: 1235.50 Take profit: 1239.40
Sell: Take profit:
Sell: 1218.00 Take profit: 1213.00