Gold price started a downside correction from well above $1,820 against the US Dollar. The price traded below the $1,800 support to move into a short-term bearish zone.
There was a break below the $1,795 level and the 50 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $1,797 on the hourly chart. It traded as low as $1,780 and is now correcting losses.
On the upside, an immediate resistance is near the $1,795 level. The next main resistance could be near the $1,800 level, above which the price could attempt a move towards the $1,815 level.
The first key support on the downside is near the $1,790 level. The next major support could be $1,780, below which there is a risk of more downsides. Any more losses could lead the price to $1,755 on FXOpen.
