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Fractal analysis

20.04.202011:11 Forex Analysis & Reviews: Fractal analysis for Gold, Silver, and Oil on April 20

Analytical review of Gold, Silver, and Oi

For Gold, the price forms the initial conditions for the downward cycle from April 16 and the level of 1661.00 is the key resistance. For Oil, we will continue the downward movement after the breakdown of 13.60 and the level of 17.35 is the key support. For Silver, we monitor the formation of the potential for the downward movement of April 14; the level of 15.00 is the key resistance and the level of 15.38 is the key support.

Forecast for April 20:

Analytical review on the H1 scale:

For Gold, the main key levels on the H1 scale are: 1710.30, 1697.74, 1687.69, 1669.39, 1661.31, 1641.21, and 1626.13. Here, we follow the initial conditions for the downward cycle from April 16. The continuation of the downward movement is expected after the passage of the price range of 1669.39-1661.31. In this case, the target is 1641.21. We consider the level of 1626.13 to be a potential value for the bottom, upon reaching which we expect consolidation, as well as a rollback upward.

The short-term upward movement is possible in the area of 1687.69-1697.74 and the breakdown of the last value will lead to an in-depth correction. Here, the target is 1710.30 and this level is the key support for the descending structure.

The main trend is the initial conditions for the downward cycle from April 16.

Trading recommendations:

Buy: 1688.00 Take profit: 1696.00

Buy: 1698.00 Take profit: 1710.00

Sell: 1669.00 Take profit: 1662.00

Sell: 1660.00 Take profit: 1643.00

For Oil, the main key levels on the H1 scale are: 19.80, 17.35, 15.86, 13.67, 12.38, 10.57, and 9.51. Here, we follow the development of the downward structure from April 9. The short-term downward movement is expected in the area of 13.67-12.38 and the breakdown of the last value should be accompanied by a pronounced movement to the level of 10.57. The potential value for the bottom is considered to be the level of 9.51, after which we expect consolidation, as well as a pullback to the top.

A short-term upward movement is possible in the area of 15.86-17.35 and the breakdown of the last value will lead to an in-depth correction. Here, the goal is 19.80 and this level is the key support for the downward structure from April 9.

The main trend is the downward structure from April 9.

Trading recommendations:

Buy: 15.90 Take profit: 17.30

Buy: 17.60 Take profit: 19.80

Sell: 13.60 Take profit: 12.40

Sell: 12.20 Take profit: 10.70

For Silver, the main key levels on the H1 scale are: 16.11, 15.79, 15.58, 15.38, 15.26, 15.00, 14.78, 14.64, and 14.42. Here, the price registered a small potential for a downward movement from April 14. We expect the downward movement to continue after the breakout at 15.00. In this case, the goal is 14.78 and in the area of 14.78-14.64 is the short-term downward movement, as well as consolidation. The potential value for the bottom is considered to be the level of 14.42, after which we expect a pullback to the top.

The short-term upward movement is possible in the area of 15.26-15.38 and the breakout of the last value will lead to a deeper correction. Here, the goal is 15.58 and this level is the key support for the downward structure. Its passage at the price will lead to the subsequent development of the upward trend. Here, the first goal is 15.79.

The main trend is the formation of the potential for a downward movement from April 14.

Trading recommendations:

Buy: 15.26 Take profit: 15.37

Buy: 15.40 Take profit: 15.56

Sell: 15.00 Take profit: 14.80

Sell: 15.77 Take profit: 14.65

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Daichi Takahashi,
Analytical expert of InstaSpot
© 2007-2024

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