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Forex Analysis & Reviews: Fractal analysis of Gold, Silver, and Oil on April 24
time 24.04.2020 09:16 AM
time Relevance up to, 25.04.2020 09:16 AM

For Gold, we are monitoring the formation of initial conditions for the upward cycle of April 21. The level of 1740.00 is the key resistance, while the level of 1703.78 is the key support. For oil, we expect market recovery in an upward direction. For Silver, the price forms the potential for the top of April 21. The level of 15.41 is the key resistance, while the level of 14.89 is the key support.

Forecast for April 24:

Analytical review in H1 scale:

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For Gold, the main key levels on the H1 scale are: 1797, 1777.08, 1761, 68, 1740, 22, 1715.15, 1703.78 and 1690.06. Here, the price formed the expressed initial conditions for the upward cycle from April 21. We expect further upward movement after the breakdown of the level of 1740.22. In this case, the target is 1761.68. Short-term upward movement, as well as consolidation is in the range of 1761.68 - 1777.08. For the potential value for the top, the level of 1797.46 is considered. Upon reaching which, we expect a pullback to the correction.

A short-term downward movement is possible in the range of 1715.15 - 1703.78. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 1690.06. This level is a key support for the upward structure.

The main trend is the initial conditions for the upward cycle of April 21.

Trading recommendations:

Buy: 1742.00 Take profit: 1760.00

Buy: 1763.00 Take profit: 1777.00

Sell: 1715.00 Take profit: 1704.00

Sell: 1701.00 Take profit: 1691.00

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For Oil, the main key levels on the H1 scale are: 7.05, 4.92, 2.40, and 0.77. Here, we expect the price values to recover in the positive zone. We also expect short-term upward movement in the range of 0.77 - 2.40. The breakdown of the last level will lead to the formation of initial conditions for the upward cycle. Here, the first goal is 4.92. As a potential value for the top, we are considering the level of 7.05. We expect consolidation near this level.

At the moment, the price is near the limit values for the descending structure of April 9, namely the level of 423.6 - 450.00 on the Fibonacci scale.

The main trend is the descending structure of 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

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For Silver, the main key levels on the H1 scale are: 16.24, 16.01, 15.69, 15.56, 15.41, 15.02, 14.89 and 14.70. Here, the price forms a pronounced structure for the upward cycle of April 21. We expect further upward movement after the breakdown of 15.41. In this case, the goal is 15.56 and price consolidation is near this level. Passing by the price of the noise range of 15.56 - 15.69 will lead to the development of pronounced movement. In this case, the target is 16.01. For the potential value for the top, the level of 16.24 is considered. Upon reaching which, we expect consolidation, as well as a downward pullback.

A short-term downward movement is possible in the range of 15.02 - 14.89. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 14.70. This level is a key support for the upward structure.

The main trend is the formation of the rising structure of April 21.

Trading recommendations:

Buy: 15.41 Take profit: 15.56

Buy: 15.71 Take profit: 16.00

Sell: 15.02 Take profit: 14.90

Sell: 14.87 Take profit: 14.72

Daichi Takahashi,
Analytical expert of InstaForex
© 2007-2022
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