FX.co ★ Fractal analysis of Gold on September 3

The forecast for September 3:

Analytical review on the scale of H1:

According to Gold, the key levels on the scale of H1 are: 1234.21, 1227.61, 1217.47, 1210.20, 1202.25, 1198.34, 1192.44 and 1182.79. Here, to continue the movement to the top, it is necessary to create local initial conditions. The short-term upward movement is possible in the corridor of 1210.20 -1217.47. Hence, the probability of movement into correction is high. The breakthrough of level 1217.47 should be accompanied by a pronounced upward movement to the level of 1227.61. The potential value for the top is the level of 1234.21, from which we expect a pullback downwards.

The short-term downward movement is possible in the corridor of 1202.25 - 1198.34 and the breakdown of the last value will lead to an in-depth correction. Here, the target is 1192.44 and this level is the key support for the top.

The main trend is the local ascending structure of August 24.

Trading recommendations:

Buy: 1210.00 Take profit: 1217.00

Buy: 1218.00 Take profit: 1227.00

Sell: 1198.00 Take profit: 1193.00

Sell: 1192.00 Take profit: 1183.00