Chart of the day

Where do we stand fundamentally?

XAUUSD is struggling with the 2400-2500 zone making this a medium-term top after the long-term bullish cycle which could continue but from slightly lower levels.

XAUUSD is testing the 2360 support. Deeper pullback and an invalidation of immediate extension higher should happen upon a break below this level. For an extension higher we need to see a break above 2430.

An invalidation level of a fifth wave long-term extension higher and a bullish cycle is 2120. This extension higher could lead to 2600 target in the medium-term to long-term upon a break above 2430 again and a bounce from this 2360 support.

_{Try a short trade entry with a stop loss above 2410 first to target 2200 buying zone.}