Gold's Next Explosive Move: Is a Massive Surge or Dramatic Drop?

30 ก.ค.

Major Support / Resistance Zone:
This zone is marked clearly on the chart and acts as a significant level where price has previously reversed or consolidated. It's crucial to monitor how price reacts around this area.

Wave Analysis:
The chart shows a clear Elliott Wave structure, with a 5-wave pattern identified. Waves (1) to (5) represent the motive waves, and the correction waves are seen in between.

Bearish Flag #1 and #2:
These flags indicate periods of consolidation following a downward movement, suggesting potential for continuation to the downside. They are often characterized by lower highs and lower lows forming within a channel.

Descending Channel:
The descending channel provides a clear bearish structure, with price making lower highs and lower lows. This channel acts as a guide for potential price movement, indicating bearish sentiment as long as the price remains within this structure.

Daily Bull Flag:
This larger bullish flag formation suggests a longer-term bullish potential if price breaks above the flag's upper boundary. It's a key pattern to watch for potential upside.

1HR LQZ / Reversal Zone:
This liquidity zone (LQZ) is marked as an area where a significant amount of orders might be present, potentially leading to reversals or significant price reactions.

4HR LQZ:
Similar to the 1HR LQZ, but observed on the 4-hour timeframe, suggesting a more significant potential reversal or consolidation area.

Bullish Potential:
If the price breaks above the 1HR LQZ / Reversal Zone and the descending channel, there is a bullish potential up to the levels marked on the chart. The structure would need confirmation through higher highs and higher lows.

Bearish Potential:
If the price fails to break above the descending channel and instead moves below the 4HR LQZ, a bearish continuation is likely, potentially targeting lower support levels.

Summary
The chart indicates a potential for both bullish and bearish scenarios depending on how the price reacts to the identified key levels (major support/resistance zone, 1HR and 4HR LQZs, and the descending channel).

Bullish scenario: Break above the 1HR LQZ and the descending channel, leading to a continuation towards higher levels.

Bearish scenario: Failure to break above the descending channel and a move below the 4HR LQZ, indicating a continuation to the downside.

This analysis should help in making informed trading decisions based on the observed technical patterns and key levels.