Gold Technical Levels as on 16th May 2022

GOLD is under pressure from the USD, as I mentioned in my last article, and has slipped below the 1800 level today.

On a weekly basis, it has broken below the important level of 1835, which also corresponds to the first rising trendline.

The second trendline and horizontal support zone from 1760 to 1782 are still in place. GOLD is likely to remain range-bound for some time. A weekly close over 1852 is needed to affirm the bullish situation; else, it is projected to fluctuate between 1760 and 1835.

Bears will enter the market if the weekly closing falls below 1760.