Forecast for May 21:
Analytical review on the scale of H1:
For Gold, the key levels on the scale of H1 are: 1304.79, 1302.97, 1298.88, 1295.70, 1285.30, 1279.32 and 1274.05. Here, the price has entered a horizontal movement in the adjustment area, which increases the likelihood of continuing the development of a downward trend. The continuation of the movement downwards is expected after the breakdown of 1285.30. In this case, the target is 1279.32. The potential value for the bottom is still the level of 1274.05, near which we expect consolidation.
The short-term upward movement is possible in the corridor of 1295.70 - 1298.88 and the breakdown of the last value will lead to an in-depth movement. Here, the target is 1302.97 and the range of 1302.97 - 1304.79. Before it, we expect the initial conditions for the upward cycle to be formalized.
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: 1285.10 Take profit: 1279.60
Sell: 1279.30 Take profit: 1274.25
