Is Gold About to Surge or Drop? Handle XAUUSD's Next Big Move

18 Tem

Chart 1: 15-Minute Timeframe

Key Observations:
Trendlines: The chart displays an ascending channel pattern. The upper and lower trendlines are drawn to capture the price action within this channel.

Resistance Zone: There is a marked resistance zone around 2470-2480, where the price has faced rejection multiple times.

Support Levels:
Immediate Support: The lower trendline of the ascending channel acts as immediate support.

LQZ/Reversal Point: At 2429.19, there is a significant level indicated, likely a liquidity zone or a potential reversal point from a higher timeframe.

Chart 2: 1-Hour Timeframe

Key Observations:
Higher High (HH): The chart indicates a higher high formation at the recent peak, suggesting an uptrend.

Possible Scenarios:
Bullish Scenario: If the price breaks above the resistance zone around 2480 and holds, it could target higher levels around 2520 and potentially 2550.

Bearish Scenario: If the price fails to break the resistance and instead breaks down from the ascending channel, it could move towards the LQZ/Reversal points at 2429.19 (1-hour) and 2391.39 (4-hour).

Support Levels:
1-Hour LQZ/Reversal Point: At 2429.19, providing a potential support zone for a bullish reversal.

4-Hour LQZ/Reversal Point: At 2391.39, indicating a deeper support level from the 4-hour timeframe.

Immediate Support: The lower trendline of the current ascending channel.

Summary:
Immediate Focus: Watch the price action around the resistance zone (2470-2480) for potential breakout or rejection.

Bullish Confirmation: A breakout and retest above 2480 could signal a continuation towards higher targets.

Bearish Confirmation: A breakdown from the ascending channel and below the immediate support levels could trigger a move towards the lower LQZ/Reversal points.

Key Levels to Watch:
Resistance: 2470-2480
Support: 2429.19 (1-hour LQZ), 2391.39 (4-hour LQZ)