Gold price started a major decline from well above the $1,780 level against the US Dollar. The price traded below the $1,760 support to move into a bearish zone.
It settled below the $1,755 level and the 50 hourly simple moving average. It traded as low as $1,745 and is currently showing a lot of bearish signs. On the downside, an initial support is near the $1,745 level.
The next major support is near the $1,740 level, below which the price might decline towards the $1,732 support level in the near term. Any more losses might call for a test of $1,720 on FXOpen.
An immediate resistance on the upside is near the $1,750 level. The first major resistance is near the $1,755 level. The next main resistance could be near the $1,760 level, above which the price could start another steady increase.
