Gold price started a major increase above the $1,900 resistance against the US Dollar. The price broke the $1,950 resistance level, but it struggled to clear the $1,975 zone.
The price started a fresh decline and traded below the $1,950 level. The bears pushed the price below the $1,900 level and the 50 hourly simple moving average. The price traded as low as $1,878 and is currently consolidating losses.
On the upside, the price is facing resistance near the $1,920 level. The next main resistance could be near the $1,932 level, above which the price could rise towards the $1,950 level. Any more gains might open the doors for a move to $1,975 on FXOpen.
If not, it could drop below $1,900. The next major support is near $1,885, below which the bears might gain strength. In the stated case, the price could start a steady decline towards $1,865.
