Gold Continues Downward Trend: Key Support and Resistance Levels

With news flow from the US and reduced geopolitical risks, gold continues its downward channel movement on intraday timeframes, albeit with a low slope. The range of 2280-2285 serves as a significant support level, marking the lower boundary of the channel and the 200-period moving average on the 4-hour chart. A breach of this level could deepen the retracement seen since 2430, potentially driving prices first towards 2255-2260 and then down to 2200. On the upside, the critical level for breaking the short-term downtrend is at 2330. Above this point, the range of 2355-2360 becomes relevant, with 2380 emerging as the subsequent resistance level to monitor.