By Barani Krishnan

Investing.com — All that glitters isn’t gold, is the saying.

Yet the yellow metal’s shine is not as bright these days.

In Friday’s session, gold plunged briefly beneath the key $1,800 level on New York’s Comex, accelerating a 

Although it did recapture that level after finding support in the $1,700 territory, it wasn’t enough to undo the damage from earlier in the week that left it on the path to a fourth straight weekly loss that’s dinged roughly $165, or 8%, from its value since the week ended April 8.

Gold’s tumble on Friday, as in recent days, came on the back of a resurgent dollar, which scaled fresh 20-year highs. After peaking at 105.5 earlier in the morning, the, which compares six major currencies, fell to an intraday low of 104.5.

This helped gold to recover some of its losses but it did little to affect its directional charge. Dollar analysts expect that the dollar will chart new 2-decade highs on speculation regarding how hawkish U.S. rates could go in the coming days.

“Only a sudden U.S. dollar sell-off is likely to change the bearish technical outlook [of gold ],” said Jeffrey Halley, who oversees Asia-Pacific markets’ research for online trading platform OANDA.

Comex closed at $1,809.34 an ounce (1:00 GMT) by noon ET (06:00 GMT). This was down 15.26 or 0.8% on the day. The session low was $1,797.45 — a bottom not seen since Jan. 30. The decline in June gold had been almost 4 percent week-to-date.

Despite Friday’s rebound from the lows, gold could revisit $1,700 territory if it fails to clear a string of resistance from $1,832 to $1,836, $1,844 and $1,856, cautioned Sunil Kumar Dixit, chief technical strategist at skcharting.com.

“Since the current trend has turned bearish, sellers are very likely to come at the test of these resistance areas,” said Dixit, who uses the for his analysis.

“Decisive closing above the range can extend recovery to $1,880, failing which bearish pressures will push gold down to $1800 – $1780, and extend the decline to $1,760 in the week ahead,” added Dixit.