Gold (XAU/USD) prices are currently trading at $2,461.53, down 0.35% on the 4-hour chart. The key pivot point is at $2,476.44, which is providing strong resistance, reinforced by a triple top pattern.
Additionally, the formation of a spinning top candle followed by three bullish candles suggests a potential for a bearish correction as gold enters an overbought zone. If the price remains below $2,476, we might see further downward movement.
Immediate support is found at $2,443.98, and if this level is tested, gold could see a potential bounce. However, the bearish bias remains strong unless the price breaks above $2,476.44.
Arslan is a finance MBA and also holds an MPhil degree in behavioral finance. An expert in financial analysis and investor psychology, Arslan uses his academic background to bring valuable insights about market sentiment and whether instruments are likely to be overbought or oversold.