Gold XAU/USD Analysis --- 28.10.2024

Gap Open Observed: The gold market has a notable gap open at $2,747. Historically, gaps in price tend to close over time.

Key Resistance Levels:

$2,747: Gap open resistance.
$2,759: October 23 swing high.
$2,785: 261.8% Fibonacci extension (highlighted as a prime target by Elliott Wave traders).

Support Levels:

$2,724: Recent overnight base.
$2,709: Swing low level.
$2,703: Bespoke support level.
Technical Indicators and Price Action:

Monthly Chart: Shows an extension level of 261.8% at $2,785, marking a focal point for Elliott Wave analysis.
Daily Chart: Inside days show indecision as price trades within the October 23 range ($2,759 - $2,715).
One-Hour Chart: Highlights a gap open from October 25 at $2,747 with an extension target at $2,798.
Market Sentiment: No clear reversal is evident, and the current trend remains bullish. The primary target area lies between $2,785 and $2,798.