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Gold Price Set to Explode? Must-See Analysis Inside! [Update]Trade Update: XAUUSD Analysis Date: July 17, 2024 In our previous post and video, we discussed how to approach XAUUSD given the current market conditions. Let's dive into the latest developments and analyze the chart for further insights. Key Observations: Break Above HTF Trendline: We observed a significant break above the Higher Time Frame (HTF) trendline. This move indicates a strong bullish momentum, suggesting that buyers are in control. After the breakout, the price pushed back into the structure, which is a common retracement behavior. This retracement offers a potential entry point for those looking to capitalize on the upward momentum. Support Zone Tested on LTF: The price action tested a support zone on the Lower Time Frame (LTF). This support zone held well, providing a solid foundation for the next leg up. This test reinforces the strength of the support level and can be seen as a bullish signal. Current Market Conditions: Currently, XAUUSD is displaying a textbook play back into an area where we might see signs of either reversal or continuation. Traders should watch for key signals at this level to determine the next move. A strong bullish reaction could indicate continuation, while a bearish signal might suggest a potential reversal. Liquidity Zones and Reversal Points: The chart highlights two significant liquidity zones (LQZ) and potential reversal points: 1HR LQZ/Reversal at 2429.940 4HR LQZ/Reversal at 2391.394 These zones are critical levels to monitor as they can provide valuable insights into market sentiment and potential turning points. Conclusion: As the price approaches these key levels, traders should remain vigilant for confirmation signals. If the price respects the support zone and breaks higher, it could provide a good opportunity for a long position. Conversely, if the price shows signs of weakness, it might be prudent to consider short positions or wait for further confirmation before making a move. Stay Updated: We will continue to monitor the price action closely and provide updates as the situation evolves.
OANDA:XAUUSD
by Adlercon333
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