GOLD → A possible breakouthello guys.
Range-Bound Consolidation: The price has been consolidating within a well-defined range, as shown by the repeated tests of both the upper and lower boundaries (labeled 1 to 6). This range represents a period of indecision or accumulation.
Engulfed Pattern & QML: The chart shows an "Engulfed" candle formation followed by a QML (Quasimodo Level), indicating a potential reversal pattern within the range. This suggests a shift in market sentiment that could precede a breakout.
Potential Breakout Scenario: A possible breakout above the upper boundary of the range is highlighted. If the price action breaks above the current range resistance, a move towards the next significant level around $2,540 or higher could be anticipated.
Key Levels to Watch:
Upper Resistance: Around $2,530-$2,540, which has been tested multiple times.
Lower Support: Around $2,480-$2,490, marked by the range's lower boundary.
Key Points:
Range-Bound Market: The price is currently in a consolidation phase, moving within a defined range.
Potential Bullish Breakout: A breakout above the upper range is possible, with targets towards $2,540 or beyond.
Critical Resistance and Support Levels: Watch for a break of resistance around $2,530 or a drop below support near $2,490.
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