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Key Points:
Gold (XAU/USD) gains positive momentum, climbing above $2,370 to an intraday high of $2,379.
US Dollar (USD) remains below its two-week high, enhancing gold’s appeal to buyers.
Traders anticipate the US PCE Price Index release for insights into Federal Reserve’s policy.
In this article:
Gold (XAU/USD) prices are trading lower at $2370.365, reflecting a 0.96% decline. The 4-hour chart shows the pivot point at $2378.29, a critical level for determining the next move.
Immediate resistance levels are set at $2397.40, $2422.04, and $2440.04. On the downside, support levels are found at $2356.14, $2338.97, and $2319.03.
The 50-day EMA stands at $2401.59, while the 200-day EMA is at $2376.45, indicating a bearish outlook. The trend remains bearish below $2378, with potential for further declines if support levels are breached.
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About the Author
Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.
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