GOLD → still bullish
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:
👉 my broker:: bit.ly/HYMCMELI
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telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
👉 my broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.