FX.co ★ Technical analysis on Gold for May 15th, 2023.

Blue lines- bullish channel

Black lines- bearish RSI divergence

Gold price is trading around $2,017 as price starts the week on a positive note. Price remains above the key short-term support of $1,977. In previous posts last week we warned traders about the increased risks of a pull back. The RSI has provided bearish divergence warnings, but this is not a reversal signal. Gold remains vulnerable to a move towards the lower channel boundary. Resistance is at $2.047 and as long as we trade below this level, I believe it is more probable that Gold price will make new lows towards $1,980-$1,960.