Gold's Correction Movement: Outlook and Key Levels

Gold, after completing its rally, has been observed to undergo a correction movement within a channel, with buying occurring at the lower band of this channel since yesterday. The direction in which it will break out of this consolidation is eagerly awaited. In the event of an upward breakout, the initial resistance level would be at 2330, where selling pressure was witnessed yesterday. Upon surpassing this level, further targets could be pursued, with the first being the broad range of 2345-2355. Above this, attention would turn to the level of 2380, representing the descending trendline. However, if the price turns downwards, the range of 2300-2305 would act as the primary support level. A breach below this range could accelerate momentum and lead to a visit to the level of 2280. The 2280 level would be critical in determining whether the correction continues. If this level is breached, the level of 2255 could emerge as the third support level to monitor.