XAUUSD WAVE ANALYSIS AND Fibonacci's Extension Cluster zone

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Technical Analysis of XAU/USD

**Market Overview:**
Last week, XAU/USD experienced a notable retreat to the 2600 zone, aligning with the 61.8% Fibonacci retracement level. This level is often seen as a critical support area where the price can reverse back in line with the primary trend. The recent price action suggests a potential bullish reversal, following the Elliott Wave theory indicating we are in the fifth wave of an upward trend.

**Elliott Wave Analysis:**
- **Current Wave Count:** The market appears to be completing the fifth wave, which typically signals the final phase of a bullish trend.
- **Wave Characteristics:** The fifth wave is characterized by strong momentum and often reaches new highs. Given the retreat to 2600, this may represent an ideal buying opportunity as the market prepares to push higher.

**Fibonacci Levels:**
- **Retracement Level (61.8%):** The price holding at the 2600 level reinforces the strength of this support, suggesting a higher probability of a bullish reversal(bullish engulfing pattern).
- **Extension Targets:**
- **Target 1 (161.8%):** The next key resistance level is around 2700, where Fibonacci extensions indicate potential upward movement.
- **Target 2 (100%):** This also aligns with the previous wave structure, reinforcing the likelihood of reaching the 2700 zone.

**Market Prediction:**
Given the current structure and Fibonacci analysis, XAU/USD is poised to rally towards the 2700 zone. A break and close above this level would further confirm the bullish trend and could lead to further extensions in price. Traders should watch for volume and momentum indicators to support this upward movement.

### Summary:
- **Current Support:** 2600 (61.8% Fibo retracement)
- **Next Target:** 2700 (161.8% Fibo extension)
- **Market Sentiment:** Bullish, supported by Elliott Wave analysis indicating completion of the fifth wave.

Traders should remain vigilant for any signs of reversal or breakout from these levels, as they will be crucial in determining the next steps in the XAU/USD market.

Disclaimer:
The information provided in this technical analysis is for educational and informational purposes only. It is not intended as financial advice or an endorsement of any specific investment strategy. Market trends and conditions can change rapidly, and past performance is not indicative of future results. Always do your own research and consult a professional financial advisor before making any investment decisions.