Gold Resilience Despite Dollar Strength: Resistance and Support Levels in Focus

Despite the dollar index gaining strength due to more hawkish remarks from Fed members, gold has remained resilient. If the upward movement in gold continues, the first resistance level is still seen around the 2325-2330 range. A breakthrough here would bring the 2345-2355 range into play. Further surpassing this level, attention will turn to the 2380-2390 range. In the event of a downturn in gold, the first support level it would encounter is the descending trend line level, which it has broken and retested several times, and also the moving average level at 2305. Failure to sustain above this area could lead the price down to 2280, with a break below 2280 bringing the correction level of 2255 into play.