FX.co ★ Fractal analysis of GOLD on July 12

The forecast for July 12:

Analytical review on the scale of H1:

For Gold, the key levels on the H1 scale are: 1253.72, 1249.09, 1245.49, 1239.59, 1232.43 and 1227.55. Here, we follow the formation of a downward structure from July 9. The continued downward movement is expected after the breakdown of 1239.30. In this case, the target is 1232.43 and near this level is the consolidation. The potential value for the bottom is the level of 1227.55 (the probable date of reaching 13 - 14 July), upon reaching this level, we expect a rollback to correction.

The short-term upward movement is possible in the corridor of 1245.49 - 1249.09 and the breakdown of the last value will lead to an in-depth correction. Here, the target is 1253.72.

The main trend is the downward structure of July 9.

Trading recommendations:

Buy: 1245.50 Take profit: 1249.00

Buy: 1249.30 Take profit: 1253.70

Sell: 1239.20 Take profit: 1233.00

Sell: 1232.20 Take profit: 1227.90