Gold Risks Further Losses – Key Levels to Watch

By Daniel M.

June 4, 2024   •   Fact checked by Dumb Little Man

Gold Price Drop to $2,315

Source: Action Forex

Gold has experienced a significant decline, testing the $2,315 zone. A key declining channel is forming with resistance around $2,345 on the 4-hour chart. Meanwhile, EUR/USD maintains gains above 1.0850, and GBP/USD appears to be aiming for further gains above 1.2800.

Gold prices began a fresh decline from the $2,450 resistance against the US Dollar, moving below the $2,380 level into a short-term bearish zone. The 4-hour chart of XAU/USD shows that the price settled below the $2,350 level, along with the 100 Simple Moving Average (red, 4 hours) and the 200 Simple Moving Average (green, 4 hours).

The price dropped to as low as $2,315 and is currently consolidating its losses. Key support is forming near the $2,315 level. A break below this support might lead to further declines, with the next major support near $2,300. Additional losses could drive gold prices toward $2,280. On the upside, immediate resistance is at $2,340, with the first major resistance near $2,345. There is also a key declining channel with resistance at $2,345 on the same chart, which, if broken, could push the price higher toward the $2,380 level.

Daniel M.

Daniel Moore is a seasoned trading analyst with over 20 years of experience navigating the ever-evolving financial landscape. Renowned for his unconventional yet effective approach, Daniel utilizes a blend of technical and fundamental analysis to identify hidden gems and craft winning trade strategies. He is a master at demystifying complex market data and translating it into actionable insights for traders of all experience levels.

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