Gold is currently trading at $2315.51, marking a slight decline of 0.11%. The metal is trading below its pivot point at $2333.85, indicating a potential bearish bias in the near term. Key resistance levels are established at $2370.56, $2418.45, and $2463.94, which gold would need to surpass to signal a bullish reversal.
Conversely, support levels are found at $2278.78, followed by $2227.70 and $2183.01, marking critical thresholds that could lead to further declines if breached.
The 50-day Exponential Moving Average (EMA) at $2342.77 suggests resistance just above the current price, while the 200-day EMA at $2268.84 provides some support below. The current setup suggests a cautious approach, as gold remains bearish below $2333.85, and a sustained move above this level could shift momentum to the upside.
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.