XAU/USD: Charting the Bullish Path - Support Levels And More..

Technical Analysis:

Price: XAU/USD is currently trading at 2038, hovering near the strong support zone of 2033-2034. This level has consistently held up against downward pressure, indicating potential bullish bias.

Indicators:

RSI: 45.75 (neutral zone), showing a slight uptick from recent lows, potentially suggesting a shift towards bullish momentum.

Stochastic Oscillator: 38.88 (oversold zone), indicating potential for a price rebound

MACD: Histogram turning positive, suggesting a potential bullish crossover soon.

Fibonacci Levels: The 50% retracement level (2032-34) and the 61.8% retracement level (2029-28) act as immediate support levels.

• Entry & Stop-Loss:

Entry: Considering the bullish technical and fundamental outlook, a potential entry point could be around the current price of 2032-33 aiming for the initial upside targets of 2040-2042.

Stop-loss: A stop-loss order could be placed slightly below the strong support zone at 2030 to limit potential losses in case of a bearish reversal.

Adjust your entry and stop-loss levels based on market volatility and risk tolerance.