Will Gold Soar or Plummet? Key Insights You Need!

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Chart 1: XAUUSD 15-Minute Chart (July 19, 2024)

Key Levels:
Support: The chart shows a key support level around 2,415, highlighted by the blue horizontal line.

Resistance: There is a resistance level near 2,457.920, labeled as "5M LQZ."
Patterns:

Descending Triangle: A descending triangle pattern is forming, which is typically a bearish continuation pattern.

Breakout Scenarios: The chart indicates two potential scenarios:

Bullish Breakout: If the price breaks above the descending triangle and the 2,420-2,425 resistance zone, it could move upwards towards the next resistance.

Bearish Breakout: If the price breaks below the support level around 2,415, it could head towards the lower support at 2,391.394 (4HR LQZ / TP 1).

Price Action:
Current Position: The price is currently consolidating near the support level.
Volume: Volume is relatively low, indicating a potential buildup for a significant move.

Chart 2: 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.