Gold is currently trading at $2,315, reflecting a decline of 0.17% in today’s session. The precious metal is maintaining its position above the key pivot point of $2,310.75, having completed a 23.6% Fibonacci retracement around this level. This suggests the potential for a bullish reversal.
Immediate resistance is identified at $2,310.75, with further resistance levels at $2,325.55, $2,337.19, and $2,348.85. On the downside, immediate support is found at $2,287.07, followed by $2,273.43 and $2,260.22.
Technical indicators provide additional context. The 50-day Exponential Moving Average (EMA) stands at $2,329.96, and the 200-day EMA is at $2,334.25. Both indicators suggest a slight bearish trend, given that the current price is below these averages. However, holding above the pivot point of $2,310.75 may indicate a short-term bullish outlook.