Gold Eyes Resistance at 2385-2390 Amid Ongoing Geopolitical Uncertainty

After a prolonged rally, gold experienced a slight pullback yesterday but started today with a positive trend. The ongoing geopolitical tensions, which have fueled gold during the recent rally, appear to continue to support the precious metal. The unresolved ceasefire in Hamas and Russia's initiation of a new front against Ukraine keep risks alive, while data from the US mostly supporting the possibility of a rate cut in September adds to the supportive narrative for gold benefiting from a low-interest environment. Significant gold purchases, particularly by the Reserve Bank of India, also contribute to this trend. In the upward continuation of this movement, the first resistance area to watch is the range of 2385-2390. Breaking through this level will open the door to the 2400-2410 resistance zone, and breaking and holding above this level will highlight the 2431 all-time high (ATH) level. In case of downward retreats, the first support to monitor is at 2375, followed by the range of 2368-2365 as the second support. Below this, the level of 2350 stands out.