Gold (XAU/USD) is currently trading at $2,585.92, up 0.91% on the day, and is showing signs of recovery, but remains below the key pivot point of $2,590.93. On the 4-hour chart, immediate resistance is at $2,612.24, while stronger barriers await at $2,627.62 and $2,649.34. Conversely, immediate support is at $2,561.53, with subsequent levels at $2,538.40 and $2,511.84.
The tech landscape reveals a precarious balance. The 50-day EMA is just below current prices of $2,589.11, while the 200-day EMA of $2,654.91 highlights a broader bearish tilt. Traders should look for a downtrend line and a “tweezer top” pattern forming near the pivot point, which indicates potential resistance.
A close above $2,590.93 could create bullish momentum, while failure to hold this level could create bearish pressure.