Gold (XAU/USD) is trading at $2338.90, up 0.34%. The 4-hour chart shows the pivot point at $2334.65. Immediate resistance is at $2351.50, with further resistance levels at $2362.06 and $2379.06. Immediate support is at $2322.77, followed by $2307.12 and $2291.75. The 50-day EMA is $2332.44, while the 200-day EMA stands at $2299.62.
Gold has formed a bullish engulfing candle above $2334.65, followed by a double doji pattern, indicating a weakening downtrend. Additionally, gold has completed a 61.8% Fibonacci retracement at around $2334, reinforcing the bullish outlook. The trend remains bullish above $2334.65; however, a break below this level could trigger significant selling pressure.