Gold's Momentum Strong: Targeting 3000+ on Robust Fundamentals and Technicals

The Bullish Setup on XAU/USD

Good morning, KoraFX community! Riya Chopra here with an update on my favourite metal, Gold. The momentum remains undeniably bullish, and I believe we are seeing a significant setup for continued upward movement. With XAU/USD currently trading around 2939.27, exhibiting a solid 0.66% gain over the last 24 hours, the trend is firmly in our favour. My analysis points towards a long position, aligning with a position trading timeframe, targeting substantial gains as Gold pushes towards new highs.

Key Levels and Technical Confluence

Looking at the charts, the recent price action between the day range of 2910.36 and 2968.18 shows a healthy consolidation after the initial thrust. My entry point at 2930 is strategically placed, seeking to capitalise on any slight retest of this immediate support zone before the next leg up. The key level being tested right now is this established floor around 2910.36, which has proven resilient. Above us, the immediate resistance at 2968.18 is the next hurdle, but I see it as a stepping stone