XAU/USD: Bullish Momentum Continues – Targeting 2980

XAU/USD: Technical Alignment for Further Upside

Looking at XAU/USD, the bullish trend is clearly intact, and I'm seeing a compelling setup for a long position. The current price of 2931.23 reflects a strong 0.38% gain over the last 24 hours, indicating consistent buying pressure. My analysis points to an entry around 2926, which offers a solid point to join this upward momentum, especially after observing the recent day range highs near 2948.07.
The immediate support at 2914.39 has held firm, and the more significant psychological level of 2900 provides a robust floor. My stop loss is strategically placed at 2899, just below this critical 2900 support. This level ensures that if the bullish thesis is invalidated, we exit with minimal damage. The confluence of these technical levels around our entry and stop loss is strong here, giving confidence in the setup.

Fundamental Tailwinds and Target Rationale

From a fundamental perspective, the environment remains highly supportive for gold. Persistent inflation concerns globally, coupled with ongoing geopolitical uncertainties, continue to drive safe-haven demand. Central bank buying has also been a quiet, yet