Gold (XAU/USD) - Potential Bullish Reversa
hello guys.
Price Action Overview:
The chart shows a significant correction followed by a consolidation phase, with price touching key levels of support and resistance.
Weak QM (Quasimodo) pattern identified near the top, which indicates potential weakness in the downtrend.
QML (Quasimodo Line) at a lower level has held as a strong support zone, and price has rebounded from this level.
Key Support and Resistance Levels:
Support: The price reacted strongly from the lower diagonal trendline (QML region) and horizontal support zone, signaling buyer strength.
Resistance: A key target for the bullish move is set around 2,679, indicated by the purple dashed line.
Market Structure:
Price is in a corrective pattern after failing to break lower support zones, showing a potential bullish reversal.
"Hunted the pattern" signifies a fake-out below key support, trapping sellers before reversing upward.
Risk and Reward Setup:
Stop-Loss placed below the recent lows (just above 2,028), protecting against downside risk.
Take-Profit target is around 2,679, aiming for a substantial upside.
Price Action Overview:
The chart shows a significant correction followed by a consolidation phase, with price touching key levels of support and resistance.
Weak QM (Quasimodo) pattern identified near the top, which indicates potential weakness in the downtrend.
QML (Quasimodo Line) at a lower level has held as a strong support zone, and price has rebounded from this level.
Key Support and Resistance Levels:
Support: The price reacted strongly from the lower diagonal trendline (QML region) and horizontal support zone, signaling buyer strength.
Resistance: A key target for the bullish move is set around 2,679, indicated by the purple dashed line.
Market Structure:
Price is in a corrective pattern after failing to break lower support zones, showing a potential bullish reversal.
"Hunted the pattern" signifies a fake-out below key support, trapping sellers before reversing upward.
Risk and Reward Setup:
Stop-Loss placed below the recent lows (just above 2,028), protecting against downside risk.
Take-Profit target is around 2,679, aiming for a substantial upside.
Trade active
👉 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.
👉 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.