Gold (XAU/USD) is currently trading at $2,461.65, down 0.17% on the day. The key level to watch is the pivot point at $2,476.44, which is reinforcing the triple top pattern that’s been forming on the 4-hour chart.
This level is providing strong resistance, and if gold closes below it, we could see a bearish correction toward the immediate support at $2,443.98, with the potential to drop further to $2,422.12 or even $2,402.91.
On the upside, breaking above $2,476.44 would open the door to test the next resistance levels at $2,492.08, $2,509.04, and $2,528.12. The 50 EMA at $2,434.16 and 200 EMA at $2,402.87 suggest the current trend is bearish, but a move above the pivot point could shift momentum to the bulls.
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.