GOLD → A possible breakout

11 Eyl

hello 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.
  

___________________________

✓✓✓ 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

13 Eyl

İşlem kapandı: hedefe ulaştı

target touched: