Gold (XAU/USD) is trading at $2,633.03, down 0.03% as it consolidates near its pivot point of $2,631.59. The 4-hour chart shows gold positions above the 50-day EMA at $2,624.82, indicating near-term support, while the 200-day EMA at $2,639.07 indicates a broader consolidation phase.
Immediate resistance is at $2,651.62, with further upside potential towards $2,676.43 if bullish momentum continues. On the downside, support is observed at $2,608.24, with a break below this level exposing $2,584.66.
The technical outlook for gold remains cautiously optimistic as long as the price remains above $2,630. However, a break below this pivot point could shift momentum, leading to bearish moves. Traders should keep an eye on resistance at $2,651 for signs of further gains and $2,608 support for possible pullbacks.