Gold price started a fresh decline from well above the $1,520 support against the US Dollar. The price declined below the $1,500 support and even traded below $1,485.
Finally, the price traded as low as $1,455 and recently corrected higher. There was a recovery above the $1,485 resistance level and the 50 hourly simple moving average. However, the price seems to be facing a strong resistance near the $1,500 area on FXOpen.
There is also a major bearish trend line forming with resistance near $1,500 on the same chart. Therefore, a clear break above the $1,500 barrier is needed for more upsides towards $1,520.
If not, there are chances of a fresh decline below the $1,485 level and the 50 hourly SMA. The main support is near the $1,475 level, below which the price could accelerate lower towards $1,455.
