Gold Hits Record Highs! Skyrocket Further or Sharp Reversal?

17 lug

4-Hour Time Frame Analysis:

Higher Highs (HH) and Higher Lows (HL): The chart displays a clear upward trend with higher highs and higher lows. This indicates a bullish market structure.

Ascending Channel: The price is moving within an ascending channel, showing a steady increase in value.

Key Levels:
1-Hour LQZ / Reversal: 2429.940
4-Hour LQZ / Reversal Point: 2391.394

Potential Take Profit (TP) Levels:
TP 1: 2319.385
TP 2: 2288.085
TP 3: 2267.832

Current Price Action: The price has reached the upper boundary of the ascending channel, suggesting a potential reversal or breakout. Traders should watch for confirmation before taking action.

1-Hour Time Frame Analysis:

Higher High (HH): Similar to the 4-hour chart, the 1-hour chart also shows a higher high, indicating a bullish trend continuation.

Ascending Channel: The price is respecting the ascending channel, reinforcing the bullish sentiment.

Key Levels:
1-Hour LQZ / Reversal: 2429.940
4-Hour LQZ / Reversal Point: 2391.394

Current Price Action: The price is at the top of the ascending channel. Traders should look for signs of a reversal or a breakout above this level to gauge further price movements.

15-Minute Time Frame Analysis:

Ascending Channel: The 15-minute chart shows a detailed view of the ascending channel with the price closely following this structure.

Key Levels:
1-Hour LQZ / Reversal: 2429.940
4-Hour LQZ / Reversal Point: 2391.394

Current Price Action: The price is currently at the top of the channel, suggesting a potential short-term reversal or continuation depending on the breakout direction.
Summary:

Bullish Trend: All three time frames show a clear bullish trend with higher highs and higher lows.

Ascending Channel: The price is moving within an ascending channel on all time frames, which supports the bullish outlook.

Key Reversal Zones: Pay attention to the 1-hour and 4-hour LQZ / Reversal points at 2429.940 and 2391.394 respectively.

Potential Reversal: The price is currently at the upper boundary of the ascending channel on all time frames. This indicates a potential reversal if the price fails to break out. Traders should wait for confirmation before entering trades..