Gold (XAU/USD) is trading at $2,655.14, down 0.32% in today’s session. The precious metal is struggling to stay above its key pivot point at $2,654.56, indicating potential downside pressure.
If the price remains below this level, gold could test immediate support at $2,648.91, with further declines towards $2,643.26 and $2,634.93. However, a recovery above $2,661.66 could signal renewed buying interest, possibly targeting resistance levels at $2,667.72 and $2,673.17.
Technical indicators are mixed. The 50-day EMA of $2,653.19 provides immediate support, while the 200-day EMA of $2,636.13 indicates a longer-term bullish bias. A decisive move above $2,650 is crucial to maintain the bullish momentum, while a break below could trigger more selling pressure.