Gold in Correction Mode After Strong Rally

With Russia opening a new front against Ukraine, failed ceasefires, market expectations for a Fed rate cut this year, and buying from central banks, gold has continued its strong performance in May, with the latest rally undergoing a correction. If the upward movement continues, the first resistance level appears to be around 2365. Above this level, there is 2390, and if surpassed and maintained, 2405 would be the third target. However, if the correction persists, the first major support would be at 2340, with the range of 2325-2330 below it. Breaking below this range would signal a deeper correction, with 2310 being the third support level to watch.