Gold price started a fresh decline from the $1,890 zone against the US Dollar. The price declined steadily below $1,880 and moved into a bearish zone.
The bears even pushed the price below the $1,865 level and the 50 hourly simple moving average. The price traded as low as $1,852 and recently attempted a minor recovery wave. An immediate resistance on the upside is near the $1,860 level.
The first major resistance is near the $1,862 level and a bearish trend line on the hourly chart. The next main resistance could be near the $1,868 level, above which the price could start a steady increase towards the $1,880 level.
On the downside, an immediate support is near $1,857 on FXOpen. The next major support is near the $1,852 level, below which the price might decline towards the $1,840 support level in the near term.
