Consolidation and new upper leg expected for Gold USD

6 sept.

XAUUSD

Current market structure:
A strong bounce from the 2494-2495 support zone on September 5th.
A bullish breakout above the 2505-2506 resistance area.
Price reached a high of 2523, marking a significant upper target.
A retracement to test the previous resistance (2505-2506) as new support.
Formation of a new higher high, indicating continued bullish momentum.

Key Levels to Watch:
Support: 2505-2506 (previous resistance now acting as support)
Secondary Support: 2494-2495 (the bounce area from September 5th)
Resistance: 2523 (recent high)
Potential Resistance: 2530-2535 (based on previous price action and round number psychology)

Analysis for Later Today:

Bullish Scenario (most likely)
If the 2505-2506 support holds, we might see a continuation of the uptrend.
The next target could be retesting the recent high of 2524.
A break above 2524 could lead to further gains, potentially targeting the 2530-2535 range.
Look for bullish candlestick patterns on the M15 timeframe for entry signals.

Consolidation Scenario:
Given the recent strong move, and due to weekly position closures and reduced liquidity., the price might consolidate between 2505-2506 and 2524.
This could form a flag or pennant pattern, which might precede another strong directional move.

The consolidation phase may precede the new upper target as an accumulation step as shown in this XAUUSD M15 chart where the price is crossing under the uptrend trend line.
Chart prepared with the Comprehensive Market Analyzer indicator

Pine Script®

6 sept.

Note

2518 resistance level just rejected the price. A new position on breakout can make sense.

6 sept.

Note

Waiting for a more convincing breakout of the 2518 level

6 sept.

Transaction en cours

Nice Sell side liquidity sweep through 2518. Let's go