Gold steadies above key support, eyes on $2,400 resistance

Gold has shown resilience today, currently trading at $2,390.19 after hitting an intraday high of $2,403.06. The metal bounced back from a low of $2,387.81, finding support around the 50-day moving average at $2,359.30 and the 100-day moving average at $2,326.42.

The broader market sentiment remains influenced by ongoing inflation concerns and central bank policies. Rising inflation continues to support gold as a traditional hedge, with investors closely watching the Federal Reserve's stance on interest rates.

As gold attempts to push higher, the next key resistance level to watch is $2,400. Breaking above this level could pave the way for further gains towards $2,462.82, aligning with the 38.2% Fibonacci retracement level.

The current price action suggests a potential bullish continuation if gold manages to hold above the support levels and breach the $2,400 resistance. Traders should stay vigilant, as the precious metal market remains sensitive to global economic conditions and shifts in investor sentiment.