Gold price started a fresh decline from the $1,950 zone against the US Dollar. The price broke the $1,940 support level to enter a short-term bearish zone.
The price even declined below $1,925 and the 50 hourly simple moving average. It is now trading near the $1,915 support and consolidating losses. An immediate resistance is near the $1,922 level.
There is also a key bearish trend line with resistance near $1,922 on the hourly chart. The next main resistance could be near the $1,930 level, above which the price could start another steady increase. In the stated case, it could rise towards $1,950 on FXOpen.
If not, the price could decline below $1,915. The next major support is near the $1,900 level, below which the bears might gain strength. In the stated case, the price could even decline below the $1,880 support level in the near term.
