Gold prices are currently at $2,334.82, experiencing a slight decrease of 0.20%. The precious metal is hovering just above its pivot point at $2,325.66, suggesting potential upward momentum if it can maintain above this threshold. The immediate resistance lies at $2,370.56, with further hurdles at $2,418.45 and $2,463.94.
Conversely, if gold dips below the pivot, it may encounter substantial support at $2,290.40, followed by $2,248.71 and $2,212.49. The 50-day Exponential Moving Average (EMA) stands at $2,339.52, slightly above the current price, while the 200-day EMA at $2,276.85 underpins a longer-term bullish outlook.
The technical setup suggests a bullish stance above $2,325.66, but a break below this level could trigger a sharper decline.
