Gold (XAU/USD) is currently trading at $2,437.660, up 0.98%. The 4-hour chart highlights the pivot point at $2,440.75, a crucial level for near-term price action. Immediate resistance is at $2,448.96, followed by $2,459.34 and $2,471.10. On the downside, immediate support lies at $2,425.87, with further support at $2,411.50 and $2,389.63.
The 50-day Exponential Moving Average (EMA) is positioned at $2,369.02, while the 200-day EMA stands at $2,318.33, indicating a continued bullish trend. However, the formation of a Doji candle below the $2,448 resistance level suggests a potential bearish correction. Gold could drop to the 23.6% or 38.2% Fibonacci retracement levels if this resistance holds.