Gold (XAU/USD) is trading at $2,620.48, down 0.21%, while hovering below a key pivot level of $2,629.61. Immediate support is at $2,608.12, with deeper levels at $2,589.60 and $2,566.78 if bearish momentum continues. Resistance is seen at $2,651.77, followed by $2,678.56 and $2,704.69, where sellers can challenge further gains.
The 50-day EMA of $2,648.12 and the 200-day EMA of $2,655.84 are currently limiting upside attempts, reinforcing the bearish short-term outlook. A break above the pivot could reignite bullish interest targeting higher levels.
For now, gold remains vulnerable to downside pressure, but traders should watch for decisive moves above $2,629.61 to confirm a potential recovery.