Forecast for August 6:
Analytical review on the H1 scale:
According to Gold, the major key levels on the H1 scale are: 1238.54, 1233.17, 1229.60, 1224.24, 1220.02, 1214.12, 1211.08 and 1205.42. Here, we observe the formation of the initial conditions for the upward cycle of August 3. The upward movement is expected to continue after the breakdown of 1220.02, with the target at 1224.24 near the consolidation level. The breakdown of 1224.24 should be accompanied by a determined upward movement to the 1229.60 level, in the corridor 1229.6 - 1233.17 price consolidation. The potential value for the top is the 1238.54 level, where we expect a downward pullback.
Short-term downward movement is possible in the corridor 1214.12 - 1211.08, while the breakdown of the last value will have to develop the downward movement with the target at 1205.50.
The main trend is the formation of initial conditions for the upward cycle of August 3.
Trading recommendations:
Buy: 1220.00 Take profit: 1224.00
Buy: 1224.80 Take profit: 1229.60
Sell: 1214.00 Take profit: 1211.30
Sell: 1210.50 Take profit: 1206.00
* The presented market analysis is informative and does not constitute a guide to the transaction.
The material has been provided by InstaForex Company - www.instaforex.com