GOLD → still bullish
Updated
hello guys.
1. Price Action & Market Structure:
The chart shows a recent bullish trend, where the price is forming higher highs and higher lows within a rising channel.
A double bottom pattern is evident around the $2,380 - $2,385 level, indicating a strong support area that previously reversed the downward movement into the current uptrend.
2. Key Levels:
Support Zone (QML): The lower yellow shaded area around $2,377 to $2,381 acts as significant support, where the double bottom pattern was formed. This suggests strong buying interest in this zone.
Upper Resistance: The price is currently approaching the upper boundary of the ascending channel, with the next major resistance around $2,450.72. This is the level to watch for a potential breakout or reversal.
3. Bullish Channel:
The price is trending within a well-defined upward channel, indicating a controlled bullish trend. As long as the price remains within this channel, the bullish bias holds.
4. RSI Divergence:
The RSI shows a bearish divergence, where the price is making higher highs, but the RSI is making lower highs. This could indicate weakening bullish momentum and the potential for a short-term pullback or correction.
5. Potential Scenario:
Bullish Continuation: If the price breaks above the resistance around $2,450.72, it could lead to further upward movement within the channel, targeting new highs.
Bearish Reversal: Given the RSI divergence, there is a possibility of a pullback towards the mid or lower boundary of the channel. If the price fails to hold above the $2,430 level, it might test the support near the $2,410 - $2,415 area.
Summary in Bullet Points
Current Trend: Gold is in a short-term bullish trend within an ascending channel.
Support: Key support around $2,377 - $2,385, marked by a double bottom.
Resistance: Major resistance near $2,450.72, at the upper boundary of the channel.
RSI Divergence: Bearish divergence on RSI suggests potential weakening momentum.
Outlook:
Bullish: A breakout above $2,450.72 could lead to new highs.
Bearish: Watch for a potential pullback if the price respects the RSI divergence and fails to break the resistance.
___________________________
✓✓✓ 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
1. Price Action & Market Structure:
The chart shows a recent bullish trend, where the price is forming higher highs and higher lows within a rising channel.
A double bottom pattern is evident around the $2,380 - $2,385 level, indicating a strong support area that previously reversed the downward movement into the current uptrend.
2. Key Levels:
Support Zone (QML): The lower yellow shaded area around $2,377 to $2,381 acts as significant support, where the double bottom pattern was formed. This suggests strong buying interest in this zone.
Upper Resistance: The price is currently approaching the upper boundary of the ascending channel, with the next major resistance around $2,450.72. This is the level to watch for a potential breakout or reversal.
3. Bullish Channel:
The price is trending within a well-defined upward channel, indicating a controlled bullish trend. As long as the price remains within this channel, the bullish bias holds.
4. RSI Divergence:
The RSI shows a bearish divergence, where the price is making higher highs, but the RSI is making lower highs. This could indicate weakening bullish momentum and the potential for a short-term pullback or correction.
5. Potential Scenario:
Bullish Continuation: If the price breaks above the resistance around $2,450.72, it could lead to further upward movement within the channel, targeting new highs.
Bearish Reversal: Given the RSI divergence, there is a possibility of a pullback towards the mid or lower boundary of the channel. If the price fails to hold above the $2,430 level, it might test the support near the $2,410 - $2,415 area.
Summary in Bullet Points
Current Trend: Gold is in a short-term bullish trend within an ascending channel.
Support: Key support around $2,377 - $2,385, marked by a double bottom.
Resistance: Major resistance near $2,450.72, at the upper boundary of the channel.
RSI Divergence: Bearish divergence on RSI suggests potential weakening momentum.
Outlook:
Bullish: A breakout above $2,450.72 could lead to new highs.
Bearish: Watch for a potential pullback if the price respects the RSI divergence and fails to break the resistance.
___________________________
✓✓✓ 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
Note
toward the target:
Trade closed: target reached
final target touched:
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