Gold (XAU/USD) is trading around $2,727.97, down 0.29% on the day. It is currently testing the pivot point at $2,727.95, a crucial level for traders. If prices remain above this level, we could see a rise towards immediate resistance at $2,737.21, with further targets at $2,746.10 and $2,757.81.
On the downside, immediate support is at $2,716.15, followed by key levels at $2,708.82 and $2,702.35. Technical indicators such as the 50-day EMA ($2,731.77) indicate cautiously bullish sentiment.
However, any break below the pivot point could trigger a sharp sell-off, so traders should keep a close eye on these levels.