Gold price started a steady decline from well above the $1,720 level against the US Dollar. The price broke the $1,700 support zone to move into a bearish zone.
There was even a close below the $1,700 level and the 50 hourly simple moving average. It traded as low as $1,670 on FXOpen and it is currently correcting higher. On the upside, there are many hurdles forming near the $1,690 and $1,695 levels.
There is also a major bearish trend line forming with resistance near $1,700 on the hourly chart, which is close to the 50 hourly simple moving average.
Therefore, the price must break the $1,695 and $1,700 resistance levels to start a strong increase. Conversely, the price could resume its decline below the $1,680 level. The main support is near the $1,670 level, below which the bears might aim a test of $1,650.
