Chart of the day

Where do we stand fundamentally?

Gold has an upward cycle as the expectations from a rate cut by Central banks are gaining momentum and some of the CB started an easing cycle, that could build inflationary pressures again.

XAUUSD is going for a test of the strong 2380 resistance. A break above this resistance will lead to a test of 2450-2500 resistance zone which should be broken to the upside for an extension higher in the fifth wave.

An invalidation level of a third wave extension higher is 2280. We need to see a confirmed break higher above 2500 for the fifth wave extension to be confirmed and a target of 2800 to be reached.

_{Look for a long trade entry with a stop loss below 2350 to target 2500 at least.}