GOLD → two QML are fighting against!!
Updated
hello guys.
Breakout of the Main Channel:
The price has recently broken out of a main ascending channel, suggesting the start of a new bullish phase. This breakout indicates strength and potential continuation to the upside.
Key Levels and QML (Quasimodo Levels):
Two significant Quasimodo Levels (QML and QML 2) are marked on the chart. These levels are typically reversal zones, and they have been tested, with the price showing reactions near these areas, indicating their importance as support and resistance.
Current Price Action:
The price is currently trading around the $2,517 level, within a consolidation phase just below a resistance zone near $2,530.
A small pullback is expected before making another attempt to breach the resistance zone and reach the first target.
First Target:
The first upside target is set around $2,535, which aligns with the next significant resistance area. This level serves as a potential profit-taking zone for traders going long.
Trendline Support:
The ascending trendline acts as a dynamic support. As long as the price stays above this trendline, the bullish momentum remains intact. A bounce from this trendline would confirm the strength of the uptrend.
Potential Bullish Scenario:
If the price breaks above the resistance near $2,530, it will likely hit the first target at $2,535. A successful breakout could lead to further upside, continuing the bullish trend.
Overall, the analysis points to a bullish continuation for Gold, with the key resistance level at $2,530 being the immediate hurdle. Watching how the price interacts with this resistance and the trendline will be crucial for gauging the strength of the bullish move.
___________________________
✓✓✓ 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
Breakout of the Main Channel:
The price has recently broken out of a main ascending channel, suggesting the start of a new bullish phase. This breakout indicates strength and potential continuation to the upside.
Key Levels and QML (Quasimodo Levels):
Two significant Quasimodo Levels (QML and QML 2) are marked on the chart. These levels are typically reversal zones, and they have been tested, with the price showing reactions near these areas, indicating their importance as support and resistance.
Current Price Action:
The price is currently trading around the $2,517 level, within a consolidation phase just below a resistance zone near $2,530.
A small pullback is expected before making another attempt to breach the resistance zone and reach the first target.
First Target:
The first upside target is set around $2,535, which aligns with the next significant resistance area. This level serves as a potential profit-taking zone for traders going long.
Trendline Support:
The ascending trendline acts as a dynamic support. As long as the price stays above this trendline, the bullish momentum remains intact. A bounce from this trendline would confirm the strength of the uptrend.
Potential Bullish Scenario:
If the price breaks above the resistance near $2,530, it will likely hit the first target at $2,535. A successful breakout could lead to further upside, continuing the bullish trend.
Overall, the analysis points to a bullish continuation for Gold, with the key resistance level at $2,530 being the immediate hurdle. Watching how the price interacts with this resistance and the trendline will be crucial for gauging the strength of the bullish move.
___________________________
✓✓✓ 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
it was reacted to QML2 very well now it is toward the long position target.
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telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
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