Gold (XAU/USD) declined on Monday after failing to break through trendline resistance at $2,375 on Friday, slipping back below the $2,350 level as the new week began. If the losses deepen in the coming days, a potential support zone may form near May’s low and the 50-day simple moving average around $2,280. Should prices fall below this area, the focus will shift to $2,260.

Conversely, if the bulls regain control and drive prices higher, the first technical barrier to watch is at $2,350, followed by the previously mentioned dynamic trendline now at $2,365. Further upward movement beyond this point could enhance buying momentum, paving the way for a rally towards $2,420 and potentially $2,430.

GOLD PRICE TECHNICAL ANALYSIS (May 14, 2024)

May 14 2024

1