FX.co ★ Technical analysis on Gold for May 17th, 2023.

Red line -resistance

Green line- support (broken)

Gold price is trading around $1,980. In our previous analysis we noted the triangle pattern Gold was in and that a break below the green support trend line would lead to a decline at least towards $1,970-77 area. Today's low was at $1,974. Short-term trend is bearish as price has started forming lower lows and lower highs. Gold price is now challenging the $1,970 lows and a break below it will open the way for a move lower towards $1,950 at least. Resistance remains key at $2,014. Bulls need to recapture this price level in order to regain control of the near term trend.