FX.co ★ Technical analysis on Gold for May 23rd, 2023.

Red lines- bearish channel

Gold price is trading around $1,958. Short-term trend remains bearish as price continues to trade inside the red downward sloping channel. Price continues to make lower lows and lower highs. Recently price got rejected at the upper channel boundary (resistance) of $1,984. Gold price is very close to breaking below recent low of $1,951. If this happens, we expect Gold to continue lower towards $1,930-25 which is our target from our Ichimoku cloud indicator analysis we posted yesterday. As long as price is below $1,985, short-term trend will remain bearish.