Chart of the day

Where do we stand fundamentally?

XAUUSD is in the new upside bullish cycle which can lead to an extension to 3000 after breaking above the long-term consolidation resistance of 2150.

XAUUSD is now testing 2530 to confirm the breakout above 2500 and to extend higher in the fifth wave. We need to see a break above 2530 for the upside continuation in the fifth upside wave to happen.

An invalidation level of a fifth wave long-term extension higher and a bullish cycle is 2420. As said this extension higher could lead to 2800 and 3000 target in the medium-term to long-term if we get a confirmed break above 2550.

_{Try a long trade entry with a stop loss below 2480 to target 2600 and higher.}