Gold (XAU/USD) is trading at $2,651.40, down 0.05%, as the market hovers near critical levels. The pivot point at $2,647.85 remains the line in the sand; bullish sentiment remains above this point, while a break lower could trigger sharper selling pressure. The immediate resistance is at $2,672.71, followed by the next major barrier at $2,693.50.
Technical indicators are showing mixed signals. The 50 EMA of $2,666.98 and the 200 EMA of $2,661.33 remain just above current prices and act as overhead resistance. However, the uptrend line continues to support the potential for a recovery above $2,647.85.
In short, gold’s momentum depends on holding the pivot point. A sustained move to the upside could target higher levels, while a break to the downside shifts the focus to support at $2,623.73.