Gold (XAU/USD) is currently trading at $2359, down 0.14%. On the 4-hour chart, the pivot point is marked at $2351.36. Immediate resistance levels are at $2366.30, $2392.21, and $2410.23. Key support levels are found at $2325.13, $2304.38, and $2285.77.
Technical indicators show that the 50-day Exponential Moving Average (EMA) is at $2363.35, while the 200-day EMA stands at $2335.99. Gold has recently completed a 23.6% Fibonacci retracement at around the $2350 level. The breach of this level has led prices to the current $2359 mark. The 38.2% Fibonacci retracement level at $2366, which aligns with the 50 EMA, is likely to provide significant resistance.
A bullish breakout above this level could propel gold prices towards the 50% retracement level at $2379. Further bullish momentum may expose the gold price to the 61.8% Fibonacci retracement level at $2392.
In conclusion, the outlook for gold remains bullish above the $2350 pivot point. However, a break below this level could trigger a sharp selling trend.