Chart of the day

Where do we stand fundamentally?

As we are nearing the important FED decision and a possible rate cut XAUUSD is prepared to extend its recent uptrend as it persistently holds above 2500

XAUUSD is supported by the 2400 level of an uptrend line for a ride to the 2740 target within the fifth upside long-term wave and to complete a complex consolidation in the fourth wave. We need to see a break above 2530 for the upside continuation in the fifth upside wave to happen and gain traction.

An invalidation level of a fifth-wave long-term extension higher and a bullish cycle is 2430. As said this extension higher could lead to 2700 and 2900 targets in the medium-term to long-term if we get a confirmed break above 2530.

_{Try a long trade entry with a stop loss below 2460 to target 2700 and higher upon a break above 2530.}