Chart of the day

XAUUSD reached the 2400 level which could also be a fifth-wave peak of a short-term five-wave cycle and a long-term five-wave cycle. Now it is testing a breakout below the 2300 level for a reversal down to 2150.

A break below 2300 is now required for a deeper pullback to the 2150 level which is an ultimate upside support. A confirmed break above 2400 will lead to an extension higher in the fifth wave extension to 2800.

_{Look for the short trade entries with a stop loss above 2309. Long trades you can take in the case of a confirmed price action break above 2400.}

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