Gold is trading at $2,560.68, down 0.16% while hovering below the pivot point at $2,571.81, indicating a cautious market mood. Currently, the 50-day EMA at $2,598.10 and the 200-day EMA at $2,665.27 are both above the price, reinforcing the bearish outlook.
Immediate support is at $2,538.40, with stronger bottoms at $2,511.84 and $2,491.71 if downside momentum picks up. On the upside, gold needs to break past $2,571.81 to find resistance at $2,594.09 and possibly $2,618.93.
Unless the price rises above the pivot, the current trend remains bearish, but a move upward could spark renewed interest from buyers.