Gold (XAU/USD) currently trades at $2,467.58, reflecting a modest gain of 0.09%. The 2-hour chart highlights significant price levels that traders should monitor. The pivot point is set at $2,474.25, which is crucial for determining the next move.
Immediate resistance is observed at $2,482.70, with subsequent resistance levels at $2,495.38 and $2,508.05. If the price manages to break above the pivot point, these levels could act as targets.
On the downside, immediate support is $2,459.00, followed by $2,443.98 and $2,430.37. The technical indicators reinforce this outlook, with the 50-day Exponential Moving Average (EMA) at $2,425.83 and the 200-day EMA at $2,378.44, both suggesting a strong upward trend.
In conclusion, Gold remains bearish below the pivot point of $2,474.25. A break above this level could boost bullish momentum, targeting resistances at $2,482.70 and beyond. Conversely, a sustained move below $2,474.25 may lead to further declines, with immediate support at $2,459.00.
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.