FX.co ★ Fractal analysis for GOLD on June 7

Analytical review of Gold.

For Gold, the price is in the area of the medium-term upward structure of May 21 and forms the potential for a downward movement from May 31. The level of 1287.67 is the key resistance for the downward movement. The resumption of the upward movement is expected after the breakdown of 1301.00

Forecast for June 7:

Analytical review on the scale of H1:

For Gold, the key key levels on the scale of H1 are: 1317.09, 1308.97, 1305.28, 1300.97, 1287.67 and 1281.60. Here, the continuation of the upward movement is expected after the breakdown of 1300.97. In this case, the first target is 1305.28. In the area of 1305.28 - 1308.97, is the consolidation of the price. The breakdown of the level of 1308.97 should be accompanied by a pronounced upward movement. Here, the potential target is 1317.09

The level of 1287.70 is the key support for the top. Its breakdown will lead to the development of a downward trend. Here, the target is 1281.60.

The main trend is the medium-term upward structure of May 21, the stage of the initial conditions.

Trading recommendations:

Buy: 1301.00 Take profit: 1305.00

Buy 1305.30 Take profit: 1308.90

Sell: 1287.60 Take profit: 1283.00

Sell: Take profit: