Gold price failed to clear the $1,900 resistance zone and it started a fresh decline against the US Dollar. The price broke the $1,880 support zone and entered into a bearish zone.
There was a clear break below the $1,875 support zone and the 50 hourly simple moving average. The price traded as low as $1,863 and the price is showing bearish signs.
It seems like the price is likely to continue lower below the $1,865 and $1,860 levels. The next major support is near the $1,850 level, below which the price is likely to extend its decline towards $1,820 on FXOpen.
On the upside, an initial resistance is near the $1,872 level. The main resistance is now forming near the $1,880 level. If there is a close above $1,880, the price could revisit the $1,900 resistance zone.
