Gold Volatility Surges Amid US Growth Data, Eyes Resistance at $2345

Yesterday, alongside the lowest growth data reported in the United States since the first half of 2022, the higher-than-expected core personal consumption expenditure fueled stagflation concerns. Following the data release, gold experienced a $25 volatility, breaking the $2330 resistance. If yesterday's high of $2345 is breached, we will be monitoring the $2355-2360 range, with the next target being the $2387-2390 weekly gap range. On the downside, it would be prudent to monitor the broken $2330 level as the first support. A breach of this level could lead to a pullback to around $2315. To understand whether the correction in the yellow metal, which started from the $2430 peak and retracted by $140, will deepen further, we will be monitoring the $2288-2291 range.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2390	2360	2345	2330	2315	2290