Today, gold is modestly up, trading at $2,288, reflecting a slight increase of 0.08%. The metal is currently trading just below the pivotal mark set at $2,313.75, as indicated by today’s pivot point. Gold faces immediate resistance at $2,352.13, with subsequent levels at $2,378.36 and $2,417.99, which could pose significant challenges for upward movement.
On the support side, the first key level is at $2,273.69, followed by $2,243.84 and $2,212.02, which could provide critical floors should prices decline. The 50-Day and 200-Day Exponential Moving Averages are at $2,318.95 and $2,323.90, respectively, reinforcing a narrow range that Gold must navigate.
An observed breakout of the ascending triangle pattern at $2,315 suggests a bearish trading bias, signaling the potential for further declines if sustained below the pivot point of $2,313.75. A shift above this level, however, may alter market sentiment to a more bullish outlook for gold.
Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.