GOLD → A possible breakout

Updated
hello guys.


Range-Bound Consolidation: The price has been consolidating within a well-defined range, as shown by the repeated tests of both the upper and lower boundaries (labeled 1 to 6). This range represents a period of indecision or accumulation.

Engulfed Pattern & QML: The chart shows an "Engulfed" candle formation followed by a QML (Quasimodo Level), indicating a potential reversal pattern within the range. This suggests a shift in market sentiment that could precede a breakout.

Potential Breakout Scenario: A possible breakout above the upper boundary of the range is highlighted. If the price action breaks above the current range resistance, a move towards the next significant level around $2,540 or higher could be anticipated.

Key Levels to Watch:
  • Upper Resistance: Around $2,530-$2,540, which has been tested multiple times.
  • Lower Support: Around $2,480-$2,490, marked by the range's lower boundary.
  • Key Points:
  • Range-Bound Market: The price is currently in a consolidation phase, moving within a defined range.
  • Potential Bullish Breakout: A breakout above the upper range is possible, with targets towards $2,540 or beyond.
  • Critical Resistance and Support Levels: Watch for a break of resistance around $2,530 or a drop below support near $2,490.


___________________________

✓✓✓ Always do your research.

❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.

❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Trade closed: target reached
target touched:

snapshot
Beyond Technical AnalysisbreakoutbreaksoutChart PatternsconsolidationGoldqmqmlquasimodorangeTrend AnalysisXAUUSD

👉 get a Tradingview account (broker): bit.ly/HYCM-M
________
👉 10% off with this exchange: lbank.one/join/uu83jRY
________

telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Also on:

Related publications

Disclaimer