Gold Spot (XAU/USD): Bulls Target Higher Grounds
hello guys.
most important points:
Weak Quasimodo (QM) Resistance:
The price hit a weak QM resistance of around 2,655 but failed to drop significantly. This shows the bears don’t have much power here, making it a softer resistance level.
Liquidity Grab & Reversal:
We can clearly see a liquidity grab below the previous lows, where the market wicked down to trigger stop-losses of buyers. After this, the price reversed sharply, which is a common signal of strong buyer interest.
Support at Quasimodo Line (QML):
The price touched the QML support level at 2,640 almost perfectly, respecting this key level. This sharp reaction suggests that this area is acting as a firm base for the next bullish leg.
Bullish Momentum Building:
After hunting the stops, the price started a steady climb. Buyers are starting to step in with confidence, and the momentum looks bullish.
Target in Sight:
With the current momentum, the price is likely to test the next target level around 2,679, as indicated by the arrow pointing upward. If buyers maintain control, this level will be the next resistance zone.
Conclusion:
Bullish Bias: After grabbing liquidity, the market seems ready to move upward. As long as the 2,640 QML holds, bulls are likely to push toward the 2,679 target.
What to Watch: Look for continued support above the QML area and any signs of exhaustion near 2,679, which could signal another reversal or continuation pattern.
___________________________
✓✓✓ 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
most important points:
Weak Quasimodo (QM) Resistance:
The price hit a weak QM resistance of around 2,655 but failed to drop significantly. This shows the bears don’t have much power here, making it a softer resistance level.
Liquidity Grab & Reversal:
We can clearly see a liquidity grab below the previous lows, where the market wicked down to trigger stop-losses of buyers. After this, the price reversed sharply, which is a common signal of strong buyer interest.
Support at Quasimodo Line (QML):
The price touched the QML support level at 2,640 almost perfectly, respecting this key level. This sharp reaction suggests that this area is acting as a firm base for the next bullish leg.
Bullish Momentum Building:
After hunting the stops, the price started a steady climb. Buyers are starting to step in with confidence, and the momentum looks bullish.
Target in Sight:
With the current momentum, the price is likely to test the next target level around 2,679, as indicated by the arrow pointing upward. If buyers maintain control, this level will be the next resistance zone.
Conclusion:
Bullish Bias: After grabbing liquidity, the market seems ready to move upward. As long as the 2,640 QML holds, bulls are likely to push toward the 2,679 target.
What to Watch: Look for continued support above the QML area and any signs of exhaustion near 2,679, which could signal another reversal or continuation pattern.
___________________________
✓✓✓ 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
👉 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
________
👉 10% off with this exchange: lbank.one/join/uu83jRY
________
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.