Chart of the day

Where do we stand fundamentally?

Over the past 72 hours, the gold market (XAU/USD) has experienced upward movement as it continues to hover around all-time highs. The price has been largely influenced by anticipation of U.S. inflation data and expectations of Federal Reserve policy shifts

XAUUSD is breaking out above the consolidation resistance of 2540 in the fourth wave of the five upside waves. This break above 2540 is opening the path for the upside continuation in the fifth upside wave to happen and gain traction. The target is 2740 and higher.

An invalidation level of a fifth-wave long-term extension higher and a bullish cycle is 2480. As said this extension higher could lead to 2740 and 2800 targets in the medium-term to long-term if we get a confirmation of this break above 2540.

_{Try a long trade entry on an intraday pullback with a stop loss below 2480 to target 2740 and higher upon a break above this level.}