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05.05.202009:12 Forex Analysis & Reviews: Fractal analysis of Gold, Silver, Oil, and Natural Gas on May 5

Forecast for May 5:

Analytical review in H1 scale:

Exchange Rates 05.05.2020 analysis

For Gold, the main key levels on the H1 scale are: 1740.22, 1731.37, 1717.46, 1707.34, 1690.06, 1682.54, 1677.98 and 1669.38. Here, the price registered a small potential for the upward movement of May 1. A short-term upward movement is expected in the range of 1707.34 - 1717.46. The breakdown of the last level will lead to a pronounced movement. Here, the target is 1731.37. For the potential value for the top, we consider the level of 1740.22. Upon reaching which, we expect consolidation, as well as a downward pullback.

A short-term downward movement is expected in the range of 1690.06 - 1682.54. The range of 1682.54 - 1677.98 is a key support for the top and the price passing this level will lead to the development of a downward structure. In this case, the target is 1669.38.

The main trend is building potential for the top of May 1

Trading recommendations:

Buy: 1708.00 Take profit: 1717.00

Buy: 1718.00 Take profit: 1730.00

Sell: 1690.00 Take profit: 1683.00

Sell: 1677.00 Take profit: 1670.00

Exchange Rates 05.05.2020 analysis

For Oil, the main key levels on the H1 scale are: 28.69, 26.32, 22.34, 19.98, 18.52, and 16.24. Here, we are following the development of the ascending structure of April 20. The continuation of the upward movement as an impulse, is expected after the breakdown of 22.34. In this case, the target is 26.32. We consider the level of 28.69 to be a potential value for the upward trend. Upon reaching which, we expect consolidation, as well as a downward pullback.

A short-term downward movement is possible in the range of 19.98 - 18.52. The breakdown of the last level will lead to an in-depth correction. In this case, the target is 16.24. This level is a key support for the top.

The main trend is the potential upward structure of April 20, we expect local initial conditions to clarify goals.

Trading recommendations:

Buy: 22.60 Take profit: 26.30

Buy: 26.60 Take profit: 28.60

Sell: 19.90 Take profit: 18.55

Sell: 18.30 Take profit: 16.50

Exchange Rates 05.05.2020 analysis

For Silver, the main key levels on the H1 scale are: 15.27, 15.16, 15.00, 14.66, 14.43, 14.16 and 13.95. Here, the price forms a downward potential of April 30. The continuation of the downward movement is expected after the breakdown of the level of 14.66. In this case, the target is 14.43. Price consolidation is near this level. The breakdown of the level of 14.43 should be accompanied by a pronounced downward movement. Here, the goal is 14.16. For the potential value for the bottom, we consider the level of 13.95. Upon reaching which, we expect consolidation, as well as an upward pullback.

A short-term upward movement is possible in the range of 15.00 - 15.16. The range of 15.16 - 15.27 is a key support for the descending structure of April 30 and the price passing this range will lead to the formation of initial conditions for the top. In this case, the potential target is 15.44.

The main trend is the formation of the downward potential of April 30

Trading recommendations:

Buy: 15.00 Take profit: 15.16

Buy: 15.27 Take profit: 15.44

Sell: 14.66 Take profit: 14.44

Sell: 14.42 Take profit: 14.16

Exchange Rates 05.05.2020 analysis

For Natural Gas, the main key levels on the H1 scale are: 2.363, 2.302, 2.192, 2.068, 2.008, 1.908, and 1.815. Here, we are following the development of the ascending structure of April 27. The continuation of the upward movement is expected after the breakdown of the level of 2.192. In this case, the target is 2.300. For the potential value for the top, we consider the level of 2.363. The movement to which is expected after the breakdown of the level of 2.302.

A short-term downward movement is possible in the range of 2.068 - 2.008. The breakdown of the last level will lead to an in-depth correction. Here, the potential target is 1.908. This level is a key support for the upward structure and its breakdown will lead to the formation of initial conditions for the downward cycle.

The main trend is the upward structure of April 27

Trading recommendations:

Buy: 2.194 Take profit: 2.300

Buy: 2.305 Take profit: 2.360

Sell: 2.068 Take profit: 2.010

Sell: 2.000 Take profit: 1.910

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

Daichi Takahashi,
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