Gold price started a major decline from well above the $1,750 level against the US Dollar. The price traded below the $1,720 support to move into a bearish zone.
It traded as low as $1,688 and recently started an upside correction. There was a move above the $1,700 level and the 50 hourly simple moving average. An immediate resistance on the upside is near the $1,718 level.
The first major resistance is near the $1,725 level. The next main resistance could be near the $1,732 level, above which the price could start another steady increase.
On the downside, an initial support is near the $1,708 level. The next major support is near the $1,700 level, below which the price might decline towards the $1,688 support level in the near term. Any more losses might call for a test of $1,675 on FXOpen.
