Gold price started a fresh decline from well above the $1,780 level against the US Dollar. The price declined below the $1,770 to move into a short-term bearish zone.
The pair even traded below the $1,760 level and the 50 hourly simple moving average. Finally, it traded as low as $1,743 and is currently consolidating losses. On the downside, the price is holding the $1,742 support zone.
The next major support is near the $1,735 level, below which the price might decline towards the $1,720 support level in the near term. Any more losses might call for a test of $1,700 on FXOpen.
On the upside, the first major resistance is near the $1,755 level and a bearish trend line on the hourly chart. The next main resistance could be near the $1,770 level, above which the price could start a steady increase towards the $1,785 level.
