Gold price failed to stay above the $1,800 support and started a strong decline against the US Dollar. The price even broke the $1,785 support level to move further into a bearish zone.
The price traded as low as $1,764 and it is currently trading well below the 50 hourly simple moving average. An initial resistance on the upside is near the $1,775 level and a connecting bearish trend line on the hourly chart.
If there is an upside break above $1,775 and $1,780 on FXOpen, there are chances of a move towards the main $1,800 resistance zone (support turned resistance).
Conversely, gold price might continue to move down below $1,770 and $1,765. The next major support is near the $1,750 level, below which the price could dive towards the $1,720 level in the coming sessions.
