The forecast for May 18:
Analytical review on the scale of H1:
For Gold, the key key levels on the H1 scale are: 1304.79, 1302.97, 1298.88, 1295.70 and 1286.41. For this tool, we follow the local top-down cycle from May 11th. At the moment, the price is near the limit values for this structure so we expect a rollback into correction and the formalization of the initial conditions for the upward cycle.
Short-term movement towards the top is possible in the area of 1295.70 - 1298.88. The breakdown of the last value will lead to in-depth movement. Here, the target is 1302.97. The range of 1302.97 - 1304.79 is noise. Before reaching this level, we expect the initial conditions for the upward cycle to be formalized.
The main trend is the local structure for the bottom of May 11.
Trading recommendations:
Buy: 1297.70 Take profit: 1298.80
Buy 1296.00 Take profit: 1298.00
Sell: Take profit:
Sell: Take profit:
The material has been provided by InstaForex Company - www.instaforex.com