Gold (XAU/USD) is currently trading at $2,430.07, showing a slight increase of 0.02%. The 4-hour chart indicates that the pivot point is set at $2,429.62, which serves as a critical level for maintaining bullish momentum.
Immediate resistance levels are identified at $2,452.90, followed by $2,473.87 and $2,492.08. On the downside, support is found at $2,408.93, with further support at $2,380.87 and $2,364.29.
The 50-day Exponential Moving Average (EMA) is at $2,414.54, while the 200-day EMA is at $2,394.58. Both provide solid support. A break below the pivot point at $2,429 could trigger a sharper selling trend.
Gold remains bullish above $2,429, but a break below this level may accelerate selling pressure.
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.