Gold price started a fresh decline from the $2,020 zone against the US Dollar. The price traded below the $2,000 level to move into a short-term bearish zone.
There was a clear move below the $1,967 level and the 50-hour simple moving average. A low was formed near $1,950 before the price started a recovery wave. It climbed above $1,967 and now facing resistance near a connecting bearish trend line at $1.978 on the hourly chart.
The next main resistance could be near the $2,000 level, above which the price could extend its rally toward the $2,020 level. Any more gains might send the price toward $2,050.
On the downside, immediate support is near the $1,967 level. The next major support is near the $1,950 level, below which the price might decline toward the $1,932 support level in the near term.
