Relevance up to 13:00 2022-05-12 UTC + 00
Gold price continues to move lower towards our $ 1,825 target area. Trend remains bearish as Gold price continues making lower lows and lower highs. Major weekly support is found around $ 1,830. So far we haven’t seen any sign of a reversal.
Red line – resistance
Black line- major support trend line
As long as Gold price is below the red downward sloping resistance trend line at $ 1,870, bears will remain in control of the trend. Support by the black upward sloping trend line is at $ 1,825-30. Failure to hold above this level would be an added bearish signal. The next couple of trading sessions will be decisive to see if we form an important low just above the weekly support, or we break below support to move even lower towards $ 1,750.
* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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