Gold price started a fresh decline from well above the $1,850 level against the US Dollar. The price broke the $1,800 support level and the 50 hourly simple moving average.
The price traded as low as $1,785 before the price started an upside correction. There was a recovery above $1,800 and the 50 hourly simple moving average. However, the price is struggling to clear a major bearish trend line with resistance near $1,815 on the hourly chart.
If the price breaks the trend line resistance, there are high chances of a move towards the $1,830 and $1,835 resistance levels.
Conversely, the price might decline back below $1,800 on FXOpen. An initial support is near the $1,792 level. The main support is now forming near $1,785, below which the price might decline towards the $1,750 support zone in the near term.
