XAUUSD (Gold)
👑 #XAUUSD (GOLD / U.S. Dollar)
🕓 Time Frame : 1H
🔼 Status : Bullish
📆 24/07/2024
📈 False Break of Bullish Range Support
Analysis:
Gold (XAUUSD) is currently forming a false breakdown of the previously mentioned range between 2390 and 2400. A return to the buying zone is developing, suggesting that buyers might push the price up to 2450.
Key Observations:
False Breakdown: Gold is experiencing a false breakdown of the support range between 2390 and 2400.
Reversal Swing Pattern: A reversal swing pattern is forming around the support level, indicating strong buyer activity.
Fundamental Background: The market remains unstable due to factors like the Fed's actions, the US presidential race, and geopolitical tensions in the Middle East and Eastern Europe. However, these factors are relatively stable today, allowing technical analysis to guide predictions.
Technical Outlook:
Support: The bulls need to defend the 2400-2405 range to maintain the potential for an upward movement.
Medium-Term Target: If the bulls hold this level, an upward move towards local liquidity zones and the upper boundary of the range is expected.
Resistance Levels:
2405
2412
2420
Support Levels:
2400
2392
Conclusion:
The current market confirms the presence of the range. While a downward move is not entirely ruled out, the bulls' active defense of the lower boundary suggests a bullish outlook for the short and medium term.
🕓 Time Frame : 1H
🔼 Status : Bullish
📆 24/07/2024
📈 False Break of Bullish Range Support
Analysis:
Gold (XAUUSD) is currently forming a false breakdown of the previously mentioned range between 2390 and 2400. A return to the buying zone is developing, suggesting that buyers might push the price up to 2450.
Key Observations:
False Breakdown: Gold is experiencing a false breakdown of the support range between 2390 and 2400.
Reversal Swing Pattern: A reversal swing pattern is forming around the support level, indicating strong buyer activity.
Fundamental Background: The market remains unstable due to factors like the Fed's actions, the US presidential race, and geopolitical tensions in the Middle East and Eastern Europe. However, these factors are relatively stable today, allowing technical analysis to guide predictions.
Technical Outlook:
Support: The bulls need to defend the 2400-2405 range to maintain the potential for an upward movement.
Medium-Term Target: If the bulls hold this level, an upward move towards local liquidity zones and the upper boundary of the range is expected.
Resistance Levels:
2405
2412
2420
Support Levels:
2400
2392
Conclusion:
The current market confirms the presence of the range. While a downward move is not entirely ruled out, the bulls' active defense of the lower boundary suggests a bullish outlook for the short and medium term.
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