Gold price started a downside correction from the $1,730 zone against the US Dollar. The price declined below the $1,715 level to move into a short-term bearish zone.
The pair even declined below the $1,700 level and the 50 hourly simple moving average. A low was formed near $1,687 and the pair is now consolidating losses. On the downside, the price is holding the $1,685 support zone.
The next major support is near the $1,680 level, below which the price might decline towards the $1,665 support level in the near term. Any more losses might call for a test of $1,650 on FXOpen.
On the upside, the first major resistance is near the $1,695 level. The next main resistance could be near the $1,700 level and a connecting bearish trend line on the hourly chart, above which the price could start another steady increase.
