Gold Set to Plunge? Key Reversal Point Signals Major Downtrend!

19. Juli

4-Hour Chart Analysis

Trend Identification:
Higher Highs (HH): The chart shows a consistent formation of higher highs (HH) which indicates an overall uptrend.

Higher Lows (HL): The chart also demonstrates higher lows (HL), further confirming the uptrend.

Key Levels:
Resistance Levels:
Around 2,480 and above are marked by HH.

Support Levels:
2,429.42 (1HR LQZ / Reversal Point)
2,391.39 (4HR LQZ / TP 1)
2,349.05 (TP 2)
2,288.09 (TP 3)
2,265.37 (TP 4)

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.

19. Juli

Anmerkung

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.