Gold (XAU/USD) is trading at $2,640.50, up 0.17% as buyers maintain moderate control. On the 4-hour chart, gold is hovering around its pivot point at $2,641.08, a crucial level for determining its next move. Immediate resistance is at $2,663.30, with stronger barriers at $2,692.57.
On the downside, support is firm at $2,614.22, followed by a deeper level at $2,583.80. The technical indicators are mixed: the 50-day EMA of $2,633.79 supports a bullish near-term outlook, while the 200-day EMA of $2,641.41 is closely aligned with the pivot, indicating potential consolidation.
Traders should look for a sustained move above $2,641.08 to confirm bullish momentum, while a decline below could indicate renewed selling pressure.