FX.co ★ Short-term technical analysis on Gold for May 17, 2022.

Gold price is trading around $1,825, very close to the first important resistance level that we also mentioned in yesterday's analysis. Gold briefly moved below the key long-term support trend line and is now back above it. There is clearly no clear breakdown yet, but bulls need to be cautious if Gold price fails to hold above $1,810.

Gold price is challenging the weekly support trend line from $1,200. A weekly break below this support trend line would be a sign of weakness. As we mentioned in yesterday's analysis, Gold bulls need to push price above $1,825 which is the first short-term resistance in order to start a new trend higher. There are increased chances that the entire decline from $1,997 is complete and at least a strong bounce higher should be expected.