Gold (XAU/USD) prices have risen to $2417.42, marking a 0.29% increase. On the 2-hour chart, the pivot point is set at $2416.96. Immediate resistance levels are at $2427.15, $2437.14, and $2451.83, indicating potential upward movement if these levels are breached.
Support levels lie at $2404.62, $2384.25, and $2370.54, providing a safety net for price declines. The 50-day EMA stands at $2413.06, while the 200-day EMA is at $2375.75, both indicating a bullish trend as long as prices remain above $2415. However, a break below this pivot point could trigger a sharp selling trend.
Traders should closely monitor these key price levels and economic indicators, including US GDP and PCE Price Index data, for short-term market cues. The ongoing economic weakness and Federal Reserve rate cut expectations further support the 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.