Gold price started a downside correction from the $1,990 zone against the US Dollar. The price declined below the $1,975 level to move into a short-term bearish zone.
There was a clear move below the $1,965 level and the 50 hourly simple moving average. It is now consolidating losses, with an immediate resistance on the upside near the $1,965 level.
The first major resistance is near the $1,970 level. The next main resistance could be near the $1,975 zone, above which the price could extend its rally towards the $1,990 level. Any more gains might send the price towards $2,000 on FXOpen.
On the downside, an immediate support is near the $1,955 level. The next major support is near the $1,950 level, below which the price might decline towards the $1,932 support level in the near term.
