Welcome to Extreme Investor Network, where we provide you with valuable insights and analysis on the stock market, trading, and all things Wall Street. Today, let’s take a closer look at the current status of Gold (XAU/USD) in the market.
As of now, Gold is trading at $2,300.135, showing a modest gain of 0.04%. The key pivot point for the day is set at $2,310.75. It’s essential to keep an eye on immediate resistance levels at $2,325.55, $2,337.19, and $2,348.85 as these will play a crucial role if the price aims to move higher.
In terms of support levels, we are seeing immediate support at $2,287.07, with additional support levels at $2,273.43 and $2,260.22 if the price continues to decline. The 50-day and 200-day Exponential Moving Averages are at $2,324.63 and $2,342.68 respectively, serving as significant resistance points for Gold.
One key factor to watch out for is the 23.6% Fibonacci retracement level around $2,310. A close below this level could trigger a selling trend. With the current technical outlook for Gold remaining bearish as long as it trades below the pivot point of $2,310, investors need to stay vigilant and make informed decisions.
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