Welcome to Extreme Investor Network, your go-to source for all things related to the stock market, trading, and investing. Today, we’re taking a closer look at the current state of Gold (XAU/USD) and what it means for investors.
Gold is currently valued at $2,518.68, experiencing a 0.51% increase. This precious metal has shown resilience just above the crucial pivot point of $2,516.55, indicating a strong support level. The 4-hour chart reveals a bullish engulfing pattern, suggesting a potential for further upward movement.
Key resistance levels to watch for include $2,529.03, $2,541.48, and $2,555.85. The 50-day EMA at $2,510.15 is supporting the current buying momentum, while the 200-day EMA at $2,481.08 reinforces a long-term bullish outlook for Gold.
For investors, it’s important to monitor the $2,515 level. Maintaining a position above this point could signal a continuation of the uptrend. However, a breach below $2,515 may lead to a rapid decline, with potential support areas at $2,500.15, $2,486.23, and $2,470.51.
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