Gold price started a fresh decline from the $1,960 zone against the US Dollar. The price declined heavily below $1,925 and moved into a bearish zone.
The bears even pushed the price below the $1,900 level and the 50 hourly simple moving average. The price traded as low as $1,861 and is currently consolidating losses. An immediate resistance on the upside is near the $1,885 level.
The first major resistance is near the $1,900 level and a bearish trend line on the hourly chart. The next main resistance could be near the $1,915 level, above which the price could start a steady increase towards $1,935 on FXOpen.
On the downside, an immediate support is near the $1,865 level. The next major support is near the $1,850 level, below which the price might decline towards the $1,832 support level in the near term.
