$XAU | Watchlist | Sell Limits |Technical Confluences:
- Stochastics is very close to Overbought conditions in D1 timeframe
- Price is close to the 161% Fibo Extension Line
- Projection using Elliot Wave count is pointing that the price may push up towards the Fibo Extension Line
Fundamental Confluences:
- With ongoing geopolitical tensions between Israel & Iran, there is a pressure for XAU to remain supported
- The reversal carry trade story may have legs to further push XAU up another leg as a safe haven
- With incoming FED cuts, there is potential for a weaker USD coming into September
- The above 3 points are the supporting for a higher XAU price.
- Assuming we hit the Wave 3 projected price, the US election will pose a big risk to the global outlook and may see USD strengthen back during that period. A stronger USD may induce a weaker XAU.
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Will be placing Sell Limit orders and update if the projection comes true.
Remember, DYOR.
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