Gold Technical Levels explained as on 5th May 2022

Strong USD is posing as headwinds for GOLD and its following the downwards corrective channel. As per the current levels it’s trading under the strong resistance zone from 1920-1950.

It is expected to retest the long term rising trendline and complete it’s corrective pattern around 1840.

In it’s downwards journey a temporary push towards 1820 cant be ruled out. It would be important to note how it’s going to react at these levels of support. A permanent break of this level of support would be the invalidation of the bullish scenario.

Whereas the break above this downward channel would resume the bullish trend with the first stop around 1920.