Is Gold (XAU) Headed for a Correction After Reaching Record High of $2,482?

Welcome to Extreme Investor Network, where we provide unique insights and analysis on the stock market, trading, and all things related to Wall Street. Today, let’s take a closer look at the current status of Gold (XAU/USD) and what traders should keep an eye on in the coming days.

Gold is currently trading at $2,467.58, showing a slight gain of 0.09%. For traders looking to make informed decisions, it is crucial to monitor key price levels on the 2-hour chart. The pivot point is set at $2,474.25, a level that will play a significant role in determining the next move for Gold.

For those eyeing potential resistant levels, immediate resistance is at $2,482.70, followed by $2,495.38 and $2,508.05. Breaking above the pivot point could signal a bullish momentum, with these levels acting as potential targets to watch out for.

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On the flip side, immediate support is at $2,459.00, with further support at $2,443.98 and $2,430.37. Technical indicators such as the 50-day and 200-day Exponential Moving Averages (EMA) further support this outlook, pointing towards a strong upward trend for Gold.

In summary, Gold remains bearish below the pivot point of $2,474.25. A breakthrough above this level could pave the way for bullish momentum, targeting resistances at $2,482.70 and beyond. Conversely, a sustained drop below $2,474.25 could lead to further declines, with immediate support at $2,459.00.

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