Gold (XAU/USD) is trading at $2,593.65, up 0.23%, showing continued strength. The pivot point at $2,585.89 acts as a key support level and helps maintain upside momentum. Immediate resistance is seen at $2,604.25, followed by $2,618.20 and $2,632.15. On the downside, key support levels include $2,573.90, $2,560.25, and $2,547.22.
The 50-day EMA of $2,560.61 reinforces short-term support, while the 200-day EMA of $2,505.77 reflects the broader bullish trend.
A recent bullish engulfing candle adds to the positive outlook, indicating potential for further gains. However, if gold falls below the $2,585 pivot, selling pressure could increase, which could change the short-term trend.