Price Action: Triangle Pattern: A triangle pattern formed in June indicating consolidation before a breakout.
Current Movement: The price has moved up to a higher high but is currently in a retracement phase, testing the 1HR LQZ / Reversal Point around 2,429.42. Projection:
Potential Reversal: If the price holds above the 1HR LQZ / Reversal Point, it may indicate a reversal back towards the higher levels around 2,480.
Support Tests: Failure to hold may lead to testing lower support levels at 2,391.39 (4HR LQZ / TP 1) and potentially further down to TP 2, TP 3, and TP 4. 1-Hour Chart Analysis
Detailed View: Provides a closer look at the recent price movements. Confirms the higher highs observed in the 4-hour chart.
Key Observations: Recent High: The price recently reached a new high around 2,480 before retracing.
Immediate Support: The price is testing the 1HR LQZ / Reversal Point around 2,429.42, aligning with the 4-hour chart observations.
Trading Opportunities: Long Position: If the price shows strong bullish signals and holds above the 1HR LQZ / Reversal Point.
Short Position: If the price breaks below the 1HR LQZ / Reversal Point, with targets at lower support levels identified in the 4-hour chart.
Summary The charts indicate an overall uptrend with recent higher highs and higher lows. Current price action is in a retracement phase, testing key support levels.
Monitoring the 1HR LQZ / Reversal Point will be crucial for determining the next move, whether it will resume the uptrend or test further support levels.
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XAUUSD 1-Hour Chart (July 18, 2024) Key Levels:
Reversal Point: There is a significant level at 2,429.420, marked as the "1HR LQZ / Reversal Point." Support Levels: Multiple support levels are indicated at: 2,391.394 (4HR LQZ / TP 1) 2,349.046 (TP 2) 2,288.085 (TP 3) 2,265.369 (TP 4) Patterns:
Higher High (HH): The chart shows a higher high formation, indicating a potential uptrend. Possible Reversal: The price is approaching the 1HR LQZ / Reversal Point, suggesting a possible reversal or continuation of the trend. Price Action:
Current Position: The price is currently pulling back from the higher high, testing the reversal point. Trend: The overall trend appears to be bullish, with higher highs and higher lows. Combined Analysis: Short-Term Outlook (15-Minute Chart):
Watch for a breakout from the descending triangle. A break above the 2,425 resistance could signal a bullish move, while a break below 2,415 support could lead to further downside. Medium-Term Outlook (1-Hour Chart):
The 1-hour chart suggests a bullish trend with key support levels to watch. If the price holds above the 1HR LQZ / Reversal Point (2,429.420), it could continue its upward momentum. Conversely, a break below this level may indicate a deeper correction towards the lower support levels. Trading Strategy: For Bullish Scenario:
Enter a long position if the price breaks above 2,425 with strong volume. Target the next resistance levels around 2,457.920 and beyond. Set a stop-loss just below the 2,415 support level. For Bearish Scenario:
Enter a short position if the price breaks below 2,415. Target the support levels at 2,391.394, 2,349.046, and 2,288.085. Set a stop-loss just above the 2,425 resistance level.
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