Gold (XAU/USD) is currently trading at $2,300.135, reflecting a modest gain of 0.04%. The key pivot point for the day is set at $2,310.75. Immediate resistance levels are observed at $2,325.55, $2,337.19, and $2,348.85. These levels will be crucial to watch if the price attempts to recover further.
On the downside, immediate support is noted at $2,287.07. Should the price decline further, additional support levels are found at $2,273.43 and $2,260.22. The 50-day Exponential Moving Average (EMA) is currently at $2,324.63, while the 200-day EMA is at $2,342.68, both acting as significant resistance points.
Gold completes a 23.6% Fibonacci retracement at around the $2,310 level. The closing of candles below this level has the potential to drive a selling trend. The technical outlook for gold remains bearish as long as it trades below the pivot point of $2,310.