Gold Spot (XAU/USD): Bulls Target Higher Grounds

6 ott

hello guys.

most important points:

Weak Quasimodo (QM) Resistance:
The price hit a weak QM resistance of around 2,655 but failed to drop significantly. This shows the bears don’t have much power here, making it a softer resistance level.

Liquidity Grab & Reversal:
We can clearly see a liquidity grab below the previous lows, where the market wicked down to trigger stop-losses of buyers. After this, the price reversed sharply, which is a common signal of strong buyer interest.

Support at Quasimodo Line (QML):
The price touched the QML support level at 2,640 almost perfectly, respecting this key level. This sharp reaction suggests that this area is acting as a firm base for the next bullish leg.

Bullish Momentum Building:
After hunting the stops, the price started a steady climb. Buyers are starting to step in with confidence, and the momentum looks bullish.

Target in Sight:
With the current momentum, the price is likely to test the next target level around 2,679, as indicated by the arrow pointing upward. If buyers maintain control, this level will be the next resistance zone.

Conclusion:
Bullish Bias: After grabbing liquidity, the market seems ready to move upward. As long as the 2,640 QML holds, bulls are likely to push toward the 2,679 target.
What to Watch: Look for continued support above the QML area and any signs of exhaustion near 2,679, which could signal another reversal or continuation pattern.

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