XAUUSD Bullish Momentum Builds on SupportHello there,
XAUUSD dropped from its high of 2439.999 to a low of 2326.245 and bounced twice on that level, forming a support level against the opposite Elliot Wave 4 schematic, making a support zone above the opposite high in that level.
Additionally, the price is currently at a level where it might go above the 36-DEMA, which is good at capturing highs and lows of price swings, pullbacks, and reversal points.
If we zoom out of the price chart, it appears that the whole price chart is in a bullish trend. The market has two potential Fibonacci price targets taken from the lower low to an estimated high point which makes for a bias of 2531.626.
Gold Fundamental point summary:
Gold clings to small gains near $2,330 as US yields edge lower (June 3, 2024)
Gold remains stable on Tuesday as investors await key U.S. inflation data (June 3, 2024)
Gold prices rise slightly in Asian trade on Monday, recouping some of last week’s losses (June 3, 2024)
Gold edges up near a two-week low as investors reduce exposure (June 3, 2024)
Happy Trading,
K.