GOLD'S CRITICAL LEVELS TO WATCH!!
Updated
👉GOLD is in a decision-making phase.
👉In this situation, we need to consider both bullish and bearish scenarios for this week:
✅Bullish Scenario:
For GOLD to rise, it must not lose support at 2377.912-2390.760 and must break above the BEARISH channel on the 4-hour timeframe.
🔰In this case, it could rally towards the following targets:
Target 1: 2428.325-2434.733
Target 2: 2469.630
Note: A rally beyond these two targets currently seems less likely.
✅Bearish Scenario:
If, before breaking the BEARISH channel, the price consolidates below the 2390.760 support on the 4-hour timeframe and also closes below the 2377.912 support, then a decline will begin.
🔰The bearish targets are as follows:
Target 1: 2342.947-2349.455
Target 2: 2311.890
Target 3: 2279.772
Note: There is a possibility that the decline could continue even beyond the third target.
❤️Don't forget to like and comment❤️
👉In this situation, we need to consider both bullish and bearish scenarios for this week:
✅Bullish Scenario:
For GOLD to rise, it must not lose support at 2377.912-2390.760 and must break above the BEARISH channel on the 4-hour timeframe.
🔰In this case, it could rally towards the following targets:
Target 1: 2428.325-2434.733
Target 2: 2469.630
Note: A rally beyond these two targets currently seems less likely.
✅Bearish Scenario:
If, before breaking the BEARISH channel, the price consolidates below the 2390.760 support on the 4-hour timeframe and also closes below the 2377.912 support, then a decline will begin.
🔰The bearish targets are as follows:
Target 1: 2342.947-2349.455
Target 2: 2311.890
Target 3: 2279.772
Note: There is a possibility that the decline could continue even beyond the third target.
❤️Don't forget to like and comment❤️
Note
👉"The bearish condition was a close below the 2377.912 support level on the 4-hour timeframe. However, the price failed to close below this support and instead rallied.🔰Educational Note: Support levels where a breakOUT or a close below is a bearish condition are often the best points for a LOW formation and the start of an BULLISH trend. Therefore, it's crucial to examine the price behavior after touching these levels, especially on lower timeframes.
❤️I apologize for the error in the image where it incorrectly states a 15-minute timeframe instead of the 4-hour timeframe. The correct timeframe was mentioned in the caption."🙏
Note
🔄#GOLD analysis update - July 31👉"After #GOLD failed to meet the predicted DROP condition, it rallied and the growth condition, which was a 4h timeframe BEARISH channel breakout, was confirmed.
✅As I predicted, it has reached the first target for now.
Congratulations to all my friends who profited from this analysis."
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