Gold price started a fresh decline after it failed to clear the $1,912 and $1,915 resistance levels against the US Dollar. The price declined below the $1,900 support level to move into a bearish zone.
The price even broke the $1,880 support and the 50 hourly simple moving average before it found support near the $1,860 level on FXOpen. Recently, there was an upside correction and the price is now trading in a contracting triangle with resistance near $1,885 on the hourly chart.
To start a strong increase, the price must break the triangle resistance and then gain pace above the $1,890 resistance level.
If there is a downside break below the triangle support, the price is likely to continue lower below $1,870 and $1,860. The next major support on the downside is near the $1,850 level.
