Technical Analysis Ellipse Formation: XAU/USD (1-Hour Chart)
Pattern Formation: Price action exhibits a prolonged consolidation phase inside a large Ellipse structure.
Immediate Support: A local horizontal support block sits near 4,680.00, keeping short-term buyers active.
Central Zone: A significant structural target is plotted at 4,765.00 just outside the current range.
Reversal Area: The primary upside projection points to a major resistance zone near 4,840.00.
Bullish Bias: The combination of a strong preceding impulse and a sideways consolidation favors a bullish continuation pattern.
Trigger Condition: A decisive hourly close above the Ellipse boundary and the 4,760 Central Zone is required to confirm the breakout.
Long