Gold price started a fresh decline from well above the $1,800 zone against the US Dollar. The price broke the $1,780 support level to move into a bearish zone.
The bears were able to push the price below the $1,750 level and the 50 hourly simple moving average. A low is formed near $1,742 and the price is now attempting a recovery.
On the upside, an immediate resistance is near the $1,750 level. There is also a bearish trend line forming with resistance near $1,750 on the hourly chart. A clear break above the $1,750 resistance could push the price further higher. The next main resistance could be $1,775 on FXOpen.
On the downside, there is a decent support forming near the $1,742 level. The main support could be $1,740, below which the price could revisit $1,730. Any more losses could lead the price to $1,720.
