Chart of the day

Where do we stand fundamentally?

XAUSUD has not confirmed the status of a risk off hedge instrument and did not broke above the 2470 resistance during a recent panic sell off. That does not support the bull case continuation.

XAUUSD is being rejected by the strong LT upside resistance 2470. For an extension higher in the prolonged fifth wave we need to see a break above this mentioned level.

An invalidation level of a fifth wave long-term extension higher and a bullish cycle is 2280. This extension higher could lead to 2800 target in the medium-term to long-term upon a break above 2470.

_{Try a strategic long trade entry with a stop loss below 2310 to target 2700.}