Gold Faces Selling Pressure but Holds Above Key Support Levels

At the start of the Asian session this week, selling pressure emerged in the yellow metal, although it did not breach the 2330 support level by the 4-hour close. This downward movement found significant support and rebounded strongly from the range of 2321-2315, marked in grey on the charts. The upcoming flow of data from the US this week will be crucial for gold, with the initial support level being in the range of 2321-2315. Below this level, the key level to maintain is to prevent further decline in the range of 2295-2290. Losing this level would determine the depth of the retracement, potentially leading to movements toward the 61.8% Fibonacci retracement level at 2255. On the upside, the range of 2350-2355 remains significant, and movements above this level could propel the price towards the range of 2375-2380. Above this point lies the psychological resistance at 2400.