XAU/USD: Gold Breaks $2,400 — New Bull Cycle Confirmed

Gold has broken above the $2,400 psychological level with conviction. Central bank buying continues to provide a floor.

Technical Analysis

- Clean break above $2,400 with weekly close above
- RSI not yet overbought on weekly timeframe
- Volume profile shows acceptance above breakout level
- Next target: $2,500 round number and Fibonacci extension

Fundamental Drivers

- Central bank gold purchases at record pace (China, India, Turkey)
- Real yields declining as Fed signals cuts
- Geopolitical premium remains elevated
- Dollar weakness providing tailwind

Trade Management

Scale in on pullbacks to $2,380-2,400. Trail stops as price advances.