XAUUSD: Harmonic Patterns and Upcoming Movement Potential
"Last week, we observed a bullish movement in XAUUSD, breaking through the previous week's high and reaching a strong resistance area that proved difficult to surpass. A bearish harmonic pattern formed on the hourly chart last Friday night, hitting all its targets.
Currently, the XAUUSD chart shows a double top pattern on the daily timeframe and a descending price channel. The price touched the lower neckline and exhibited a slight rebound from that area. We are likely to see a slight upward movement, followed by a potential downward reversal after reaching 2320, which is the lowest price of the previous week's broken candle.
There is a potential for a bullish Shark harmonic pattern if the price reaches the range between 2182 and 2170, from which we might see a probable rise towards critical areas at 2340. A strong zone starts at 2230 and ends at 2242. A daily candle closing below this zone gives a high probability of the price reaching lower levels.
If the price closes above the descending channel, a slight upward movement is possible before returning to continue within the channel. A strong upward move requires a decisive breakout of all the difficult areas identified in previous analyses.
Price levels have been marked on the chart to provide traders with a clear impression of the key levels where the price might react. These levels are determined based on my proprietary strategies, which have proven to be highly effective through experience.
Note: The harmonic pattern is incomplete, and thus, the probability of its success or formation is not strong. It is important for the price to break the B point to complete the pattern."
Currently, the XAUUSD chart shows a double top pattern on the daily timeframe and a descending price channel. The price touched the lower neckline and exhibited a slight rebound from that area. We are likely to see a slight upward movement, followed by a potential downward reversal after reaching 2320, which is the lowest price of the previous week's broken candle.
There is a potential for a bullish Shark harmonic pattern if the price reaches the range between 2182 and 2170, from which we might see a probable rise towards critical areas at 2340. A strong zone starts at 2230 and ends at 2242. A daily candle closing below this zone gives a high probability of the price reaching lower levels.
If the price closes above the descending channel, a slight upward movement is possible before returning to continue within the channel. A strong upward move requires a decisive breakout of all the difficult areas identified in previous analyses.
Price levels have been marked on the chart to provide traders with a clear impression of the key levels where the price might react. These levels are determined based on my proprietary strategies, which have proven to be highly effective through experience.
Note: The harmonic pattern is incomplete, and thus, the probability of its success or formation is not strong. It is important for the price to break the B point to complete the pattern."
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