Wed, Jan 27, 2021 @ 13:23 GMT
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Gold Price Broke $1,785 Support Level To Move Further Into A Bearish Zone

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.


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