Gold Continues Downward Trend: Key Support and Resistance Levels
With news flow from the US and reduced geopolitical risks, gold continues its downward channel movement on intraday timeframes, albeit with a low slope. The range of 2280-2285 serves as a significant support level, marking the lower boundary of the channel and the 200-period moving average on the 4-hour chart. A breach of this level could deepen the retracement seen since 2430, potentially driving prices first towards 2255-2260 and then down to 2200. On the upside, the critical level for breaking the short-term downtrend is at 2330. Above this point, the range of 2355-2360 becomes relevant, with 2380 emerging as the subsequent resistance level to monitor.
Resistance 3 |
Resistance 2 |
Resistance 1 |
Support 1 |
Support 2 |
Support 3 |
2380 |
2360 |
2330 |
2280 |
2255 |
2200 |