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Gold Price Technical Analysis

On the hourly chart of Gold on FXOpen, the price struggled to clear the $1,938 resistance against the US Dollar. The price is now consolidating above the 50-hour simple moving average.

On the upside, the price seems to be facing resistance near a connecting bearish trend line at $1,928. The next major resistance is near the $1,938 level (a multi-touch zone).

A clear move above the $1,938 resistance could send the price toward the $1,955 resistance. Any more gains might send the price toward $1,965.

On the downside, immediate support is near the $1,915 level. The next major support is near the $1,910 level, below which the price might decline toward the $1,900 support level in the near term. Any more losses may perhaps open the doors for a move toward the $1,888 zone.

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