Gold price started a major downside correction below $2,000 against the US Dollar. The price even broke the $1,900 support level before it found support near $1,860.
The price is currently moving higher and trading above the $1,920 level on FXOpen. It is currently facing hurdles near the $1,950 level, but it is trading above the 50 hourly simple moving average.
It seems like there is a bullish flag pattern forming with resistance near $1,948 on the hourly chart. If the price breaks the channel resistance and $1,950, it could start a strong increase above $1,960 in the near term.
Conversely, the price might start a fresh decrease below the $1,930 support. The next major support on the downside is near the $1,900 level, where the bulls are likely to take a stand in the near term.
