After a slow start to the week, gold prices recovered on Tuesday, reclaiming the $2,350 mark. If the upside gains accelerate in the coming trading sessions, the next technical hurdle lies near trendline resistance at $2,370. Removing this barrier could spur increased buying activity, setting the stage for a potential rally to $2,420 and even $2,430.
In the event of a bearish reversal and drop below $2,350, there is no significant support area nearby, suggesting that any downward movement could progress towards $2,280 - the relevant technical floor next on the map. Further losses below this point could give way to a drop to $2,260, a key area corresponding to the 38.2% Fibonacci level of the 2024 rally.
In the event of a bearish reversal and drop below $2,350, there is no significant support area nearby, suggesting that any downward movement could progress towards $2,280 - the relevant technical floor next on the map. Further losses below this point could give way to a drop to $2,260, a key area corresponding to the 38.2% Fibonacci level of the 2024 rally.
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