After a slow start to the week, gold prices bounced back on Tuesday, surpassing the $2,350 level. If the upward momentum continues in the upcoming trading sessions, the next challenge lies around the trendline resistance at $2,370. Breaking through this resistance could lead to increased buying pressure, potentially driving prices towards $2,420 and even $2,430.

In case of a bearish reversal and a drop below $2,350, there are no significant support levels nearby, indicating that any downward movement might proceed relatively smoothly towards $2,280 - the next notable technical support level. Further declines below this level could pave the way for a drop towards $2,260, which corresponds to the 38.2% Fibonacci level of the 2024 rally.

GOLD PRICE TECHNICAL ANALYSIS (May 15, 2024)

May 15 2024

1