#Gold Price Moved into a #Bearish Zone Below $1,820 (16 MAY 2022)

 Gold price started a fresh decline from the $1,850 pivot level against the US Dollar. The price broke the $1,820 support zone to move into a bearish zone.

There was also a break below the $1,810 level and a close below the 50 hourly simple moving average. The bulls are now struggling to keep the price above the $1,800 level. There is also a key bearish trend line with resistance near $1,812 on the hourly chart.

The next main resistance could be near the $1,820 level, above which the price could start another steady increase. In the stated case, it could rise towards $1,840 on FXOpen.

If not, the price could decline below $1,800. The next major support is near the $1,780 level, below which the price might decline towards the $1,750 support level in the near term.

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