Mobarok Hossain
April 25, 2024
Overview Spot Gold (XAU/USD) continues to display high-probability technical patterns, respecting structural boundaries and offering clear expansion targets. Following a successful defense of the 4,168.85 invalidation level, market structure has shifted back in favor of the bulls, targeting upper Fibonacci extensions.
Structural Invalidation Level: 4,168.85 — This boundary acts as the primary baseline for the current bullish impulse sequence.
0.618 Intermediate Level: 4,199.01 — Serving as the immediate pivot zone for continuation.
1.0 Fibonacci Projection: 4,217.57 — The intermediate resistance target.
Wave (e) Final Target: 4,237.69 (1.414 Fibonacci Extension) — The primary objective for the current bullish leg.
Primary Bullish Setup: Sustained price action and retests holding above the 4,199.01 support zone favor a continued drive upward.
Upside Targets: Tranches can be managed into 4,217.57 and the final expansion objective at 4,237.69.
Risk Management: Any decisive break below 4,168.85 invalidates the current bullish wedge structure and requires immediate exposure review.
Traders should monitor lower-timeframe reactions around the 4,199 pivot to manage risk effectively while targeting the primary wave completion at 4,237.69.
Disclaimer: This analysis is provided for educational purposes only and does not constitute financial advice.
