#XAUUSD Higher Time Frame Analysis*
#XAUUSD Higher Time Frame Analysis
Gold is currently showing strong bullish momentum, driven by both fundamental and technical factors.
### Fundamental Insight:
Natural calamities like wildfires in California (L.A), earthquakes, and tsunamis often push investors toward safe-haven commodities such as gold, US oil, and platinum. This increased demand leads to a rise in commodity prices during such events.
### Technical Overview:
1. The recent dip in gold prices can be considered a healthy correction before continuing its higher time frame bullish trend.
2. The 2718-2721 zone is a critical area on the daily time frame. A sustained daily candle close above 2721 will likely trigger a rally of 500+ pips.
3. If gold breaks and holds above 2721, the next targets are 2773-2790. This zone represents the final resistance before gold potentially moves toward the 3000 mark.
### Key Levels to Watch:
- The 2718-2721 area is crucial and may face strong rejection initially.
- A bullish daily close above 2721 will confirm the continuation of the uptrend.
### Next Steps:
We will refine the setup using lower time frames like H4 and H1 for precise entry points. Updates will be shared soon.
**Conclusion:** Watch for a daily close above 2721 for confirmation of further bullish momentum, while keeping an eye on potential rejections in this zone.
Gold is currently showing strong bullish momentum, driven by both fundamental and technical factors.
### Fundamental Insight:
Natural calamities like wildfires in California (L.A), earthquakes, and tsunamis often push investors toward safe-haven commodities such as gold, US oil, and platinum. This increased demand leads to a rise in commodity prices during such events.
### Technical Overview:
1. The recent dip in gold prices can be considered a healthy correction before continuing its higher time frame bullish trend.
2. The 2718-2721 zone is a critical area on the daily time frame. A sustained daily candle close above 2721 will likely trigger a rally of 500+ pips.
3. If gold breaks and holds above 2721, the next targets are 2773-2790. This zone represents the final resistance before gold potentially moves toward the 3000 mark.
### Key Levels to Watch:
- The 2718-2721 area is crucial and may face strong rejection initially.
- A bullish daily close above 2721 will confirm the continuation of the uptrend.
### Next Steps:
We will refine the setup using lower time frames like H4 and H1 for precise entry points. Updates will be shared soon.
**Conclusion:** Watch for a daily close above 2721 for confirmation of further bullish momentum, while keeping an eye on potential rejections in this zone.
Mr K
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