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XAUUSD: Bullish Setup After Expanded Flat

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Free forex xauusd chart calls

Free forex xauusd chart calls

Timeframe: 2h
XAUUSD has completed an A-B-C expanded flat correction on the 2-hour timeframe. Wave C bottomed at 3054, followed by a bullish impulse where wave 1 peaked at 3135. Wave 2 has retraced to a low of 3087.9.

Currently, the price is trading above the 200 EMA, and support is being found at the 100 EMA. A breakout above wave B resistance at 3120 could confirm bullish continuation, offering potential upside targets at 3135 – 3160 – 3180+. Wave 2 retraced to a low of 3087.9, remaining above the origin of Wave 1 at 3054, per Elliott Wave rules, as Wave 2 should never retrace beyond the start of Wave 1.

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