FX.co ★ Gold under pressure but still above weekly support.

Red line- weekly support

Gold price is under pressure, with bulls trying to defend $1,800-$1,790 support area. Price got rejected at $1,850-60 area and the formation of a lower high relative to the April high was a bearish sign. Gold price so far is respecting the red upward sloping support trend line connecting its lows since February of 2021. Failure to hold above it will lead price to a move lower towards $1,700. So bulls need to be very cautious and defend $1,800 area. As long as price stays above this level, there are hopes for another run towards $1,900 and higher.