HomeContributorsTechnical AnalysisGold Price is Correcting Lower from the $1,670 High

Gold Price is Correcting Lower from the $1,670 High

Gold price started a decent increase from the $1,620 zone against the US Dollar. The price gained strength and was able to clear the $1,640 resistance zone.

The pair even climbed above the $1,650 level and the 50 hourly simple moving average. A high was formed near $1,670 and the price is now correcting lower. On the downside, the price is holding the $1,650 support zone.

The next major support is near the $1,640 level, below which the price might decline towards the $1,625 support level in the near term. Any more losses might call for a test of $1,612 on FXOpen.

On the upside, the first major resistance is near the $1,665 level. The next main resistance could be near the $1,670 level, above which the price could start another steady increase towards the $1,700 level.

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