On April 17, Gold (XAU/USD) is modestly down at $2,380.59, a decline of 0.06%. The metal’s price remains just above its pivot point at $2,363.79, indicating potential resilience in the market. Immediate resistance levels are found at $2,403.98, followed by $2,431.98 and $2,459.86. Should gold surpass these barriers, it could signal a continuation of the upward momentum.
Conversely, should gold fall below its pivot, it could encounter support at $2,323.92, with further supports at $2,296.85 and $2,268.55 potentially coming into play. The technical indicators, including the 50-day Exponential Moving Average (EMA) at $2,346.91 and the 200-day EMA at $2,235.26, both suggest a bullish trend over the medium to long term.
Overall, the market posture for gold remains positive as long as it maintains above $2,363.79. However, a break below this crucial support level could prompt a significant sell-off.