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Gold Risks Further Losses – Key Levels to Watch
Gold Price Drop to $2,315
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.
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