On April 26, gold saw a slight increase in its value, reaching $2,335.79, marking a 0.22% rise. Currently, gold is trading just above its pivot point at $2,325.66, suggesting a tentative bullish stance in the short term. Immediate resistance for gold is found at $2,370.56, with further barriers at $2,418.45 and $2,463.94. If the price can breach these levels, it could indicate a strong upward momentum.
Conversely, support levels are set at $2,290.40, followed by $2,248.71 and $2,212.49. A drop below these could trigger a significant downturn in prices. Technical indicators reinforce this outlook, with the 50-Day Exponential Moving Average (EMA) at $2,340.08 slightly above the current price, suggesting mild resistance, while the 200-Day EMA at $2,273.08 offers robust support.
The market’s current configuration points towards a bullish scenario as long as prices remain above the pivot point of $2,325.66.
