Gold (XAU/USD) is currently trading at $2,499.98, and it has recently violated a triple top pattern around the $2,477 level.
The price is holding near the $2,500 mark, which places it in the overbought zone, suggesting the potential for a slight bearish correction. If the selling pressure increases, we could see gold retrace toward the $2,475 support level.
Immediate resistance is at $2,524.33, with further resistance at $2,540.02 and $2,557.00. On the downside, support levels are found at $2,477.85, $2,450.85, and $2,431.60. The 50-day EMA at $2,452.58 and the 200-day EMA at $2,431.21 provide additional support.
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.