Gold (XAU) Daily Forecast: Reaches $2,342 Due to Rising Tensions; Expected to Continue Climbing?

Welcome to Extreme Investor Network, where we provide exclusive insights and unique information on the latest trends in the stock market, trading, and Wall Street. Today, we’ll be discussing the current movements in Gold (XAU/USD) and the key technical levels to watch out for on the 4-hour chart.

Gold is currently experiencing upward momentum, with a 0.60% increase to $2,342.52. The pivot point at $2,338.10 will be crucial in determining the next movements. Resistance levels are identified at $2,347.51 and $2,355.48, with further upward resistance at $2,365.44. On the other hand, support can be found at $2,311.36, with additional layers at $2,316.71 and $2,306.91.

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In terms of technical indicators, the Relative Strength Index is poised around neutral. The 50-day Exponential Moving Average (EMA) sits at $2,325.95, while the 200-day EMA is at $2,331.22, suggesting a robust support zone. The current market stance is bullish above the pivot of $2,338.10; however, falling below this mark could initiate a steep decline.

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