Gold price started a fresh decline from well above the $1,700 level against the US Dollar. The price traded below the $1,680 support to move into a bearish zone.
It traded as low as $1,654 and recently started an upside correction. There was a move above the $1,665 level and a connecting bearish trend line on the hourly chart. However, the bears appeared near the $1,680 level and the 50 hourly simple moving average.
The first major resistance is near the $1,680 level. The next main resistance could be near the $1,688 level, above which the price could start another steady increase.
On the downside, an initial support is near the $1,660 level. The next major support is near the $1,655 level, below which the price might decline towards the $1,648 support level in the near term. Any more losses might call for a test of $1,635 on FXOpen.
