Gold (XAU/USD) is hovering around $2,642.93, up slightly by 0.01%. The yellow metal is trading above the key pivot point at $2,634.03, indicating underlying bullish sentiment. Immediate resistance is seen at $2,645.85, while a break above could prompt prices to test the next levels at $2,652.24 and $2,659.48.
On the downside, immediate support is at $2,626.68, and a break below this level could lead to a retest of $2,620.72 or even $2,615.51.
Overall, gold’s current position above the 50-day EMA at $2,648.99 and the uptrend line near $2,634 indicate a buying trend. However, traders should watch for any sharp moves below $2,634, which could trigger a bearish shift.