FX.co ★ Fractal analysis: May 17 GOLD

Forecast for May 17:

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. On this instrument, we follow the local top-down cycle from May 11. At the moment, the price is near the limit values for this structure. In connection with this, we expect a rollback towards correction and the formation of the initial conditions for the upward cycle.

Short-term upward movement 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 formed.

The main trend is a 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: