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Gold Price Technical Analysis 26th Dec 2022

Gold price started a fresh decline from the $1,820 resistance zone against the US Dollar. The XAU/USD price declined below the $1,812 level on FXOpen to move into a short-term bearish zone.

The pair even declined below the $1,800 level and the 50 hourly simple moving average. The price traded as low as $1,784 and is currently correcting losses. It broke the $1,795 resistance zone.

On the upside, the first major resistance is near the $1,805 level. The next main resistance could be near the $1,812 level, above which the price could start a steady increase towards the $1,820 level.

On the downside, an immediate support is near the $1,795 level. The next major support is near the $1,784 level, below which the price might decline towards the $1,776 support level in the near term. Any more losses might call for a test of $1,765.

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