Gold price started a fresh decline from well above the $1,820 level against the US Dollar. The price broke the $1,780 support level and the 50 hourly simple moving average.
The price traded as low as $1,760 before it started an upside correction. There was a break above the $1,780 resistance and the 50 hourly simple moving average. However, the price is struggling to clear the $1,790 and $1,800 resistance levels.
To move into a positive zone, the price must settle above $1,790 on FXOpen and then gain bullish momentum above the $1,800 pivot level.
On the downside, there is a key bullish trend line forming with support near $1,778 on the hourly chart. If there is a break below the trend line and the 50 hourly simple moving average, the price could drop towards the $1,765 support level.
