Gold’s Trajectory Reshaped with Ongoing Conflicts

Yesterday, gold responded with an upward move to the news flow containing geopolitical tensions, breaking above the 200-period moving average on the 4-hour chart. However, today it is observed that this level has not been sustained. In the event of a continuation of the downward movement, the first interim support would be at 2340, while the major support zone would be highlighted as the range of 2330-2320. A breach of this zone could lead the price down to the 2300 level. However, if the movement reverses upward, the level of 2351, which acted as resistance yesterday, will continue to serve as resistance today as well. Above this level, the levels to monitor would be 2360 and 2370, respectively.