Gold (XAU/USD) - Potential Bullish Reversa
Updated
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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.
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telegram channel: t.me/melikatrader94
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