Gold (XAU/USD) is showing a bearish trend and trading at $2,641.85, down 0.22%. The 2-hour chart indicates a bearish engulfed candlestick pattern, indicating the possibility of further downward movement.Gold is below the pivot point of $2,648.78, indicating continued selling pressure. Immediate support is at $2,640.76, and a break below could expose further levels at $2,631.80 and $2,624.96.
Conversely, a move above the pivot point should surpass resistance at $2,656.86, followed by $2,663.49 and $2,670.33. Meanwhile, the 50-day EMA of $2,652.28 limits any short-term gains.
Until gold breaks above $2,648, bearish sentiment is likely to dominate the market.