#GOLD / RECTANGLE PATTERN AND THE NEXT MOVE?!
👉Gold has been consolidating within a rectangular box (yellow area) between the prices of 2286.830 and 2431.590 on the daily timeframe.
⭐Ultimately, it managed to break above this range. However, it subsequently re-entered the box. In such cases, a pattern usually forms at the top of this box to determine the subsequent move.Considering the potential patterns that could form here, two general scenarios for an upward or downward movement can be considered.
🔰Bullish Scenario:
Breakout above the resistance range of 2416.638-2429.957 on the 4-hour timeframe.
In this case, gold could continue its upward movement towards the targets:
Target 1: 2490.280-2514.672
Target 2: 2581.773
🔰Bearish Scenario:
Breakdown below the support level of 2353.195 on the daily timeframe.
In this case, gold could continue its downward movement towards the targets:
Target 1: 2286.830
Target 2: 2251.503
Target 3: 2154.831
.....................................
Key points
1-Consolidation: The price has been trading within a specific range.
2-Breakout and Retracement: The price has moved above the range but has since returned.
3-Pattern Formation: A new pattern is expected to form at the top of the range to indicate the future direction.
❤️"Don't forget to like and follow."❤️
⭐Ultimately, it managed to break above this range. However, it subsequently re-entered the box. In such cases, a pattern usually forms at the top of this box to determine the subsequent move.Considering the potential patterns that could form here, two general scenarios for an upward or downward movement can be considered.
🔰Bullish Scenario:
Breakout above the resistance range of 2416.638-2429.957 on the 4-hour timeframe.
In this case, gold could continue its upward movement towards the targets:
Target 1: 2490.280-2514.672
Target 2: 2581.773
🔰Bearish Scenario:
Breakdown below the support level of 2353.195 on the daily timeframe.
In this case, gold could continue its downward movement towards the targets:
Target 1: 2286.830
Target 2: 2251.503
Target 3: 2154.831
.....................................
Key points
1-Consolidation: The price has been trading within a specific range.
2-Breakout and Retracement: The price has moved above the range but has since returned.
3-Pattern Formation: A new pattern is expected to form at the top of the range to indicate the future direction.
❤️"Don't forget to like and follow."❤️
Note
🔄#GOLD analysis update - August 9
⏳Based on the 15m time-frame
✅Short-Term bearish Scenario:
Given Gold's encounter with the resistance level of 2429.957 (related to the 4-hour timeframe):
If the bearish divergence in the 15-minute timeframe is confirmed, and the bullish channel in the 15-minute timeframe is broken downwards, a decline in GOLD from this area could begin.
In the short term, the targets are:
Target 1: 2412.082 - 2416.638
Target 2: 2396.308
.....................................
⏳Based on the 1m time-frame
✅Short-Term bullish Scenario:
If there isn't a valid breakout below the bullish channel on the 15-minute timeframe (as shown in the fig above)
and instead, it grows and breaks the bearish trendline on the 1-minute timeframe,this breakout could initiate a new bullish movement.
Target 1: 2442.929
Target 2: 2458.670
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