Chart of the day

Where do we stand fundamentally?

There's speculation that geopolitical tensions arising from Trump's foreign policy could enhance gold's status as a safe-haven asset. Due to these factors, experts have forecasted that XAUUSD might reach $2,950 in 2025. Gold has held steady above $2,700 with weekly gains, supported by safe-haven demand and speculation around Federal Reserve rate cuts. Traders are particularly attentive to Trump's upcoming policy announcements.

XAUUSD is testing 2750, which is now acting as strong upside resistance for a continuation higher to 3050. This is strong near-term resistance for an upside continuation, and we need to see a breakout higher for an extension to 3050-3100. A break below 2660 can invalidate a third long-term wave extension higher.

We are in a possible terminal uptrend channel with indicated support and resistance to watch and follow the price action. A breakout above 2750 will lead to an extension higher with a high probability.

_{You can take a near-term long-trade entry with an SL below 2710 to target 2950 upon a break above 2750.}