Market Outlook: Potential Downward Pressure on Gold Prices

Gold prices traded sideways around the $2,385 mark during Tuesday's Asian trading session, with indications pointing to a potential rise towards $2,400 USD. Should this upward momentum persist and breach the $2,400 USD, there's a likelihood of further ascent towards the significant resistance at $2,432 USD.

However, as political tensions in the Middle East gradually ease and robust data emerges from China, the upward trajectory of gold may face constraints. Forecasts suggest that gold prices will undergo a corrective phase and possibly test the SMA 20. Should prices surpass the SMA 20 and continue testing support levels near the SMA 50 and SMA 100, we could witness a more pronounced downward trend in the coming days.