Gold price started following a bearish path from well above the $2,000 level against the US Dollar. The price broke the $1,950 support level to move into a bearish zone.
The price even broke the $1,920 support and settled well below the 50 hourly simple moving average. A low is formed near $1,911 on FXOpen and the price is currently consolidating losses.
On the upside, there is a crucial resistance zone forming near the $1,930 level, a connecting bearish trend line on the hourly chart, and the 50 hourly SMA. If there is a successful break and close above $1,930 and $1,940, the price could start a fresh increase.
Conversely, the price might decline heavily below the $1,920 and $1,910 support levels in the near term. It may even dive below the $1,900 pivot level and test $1,880.
